Ted Gehrke
Loan Originator
NMLS# 240314
ted@turboloans.com
Desert Equity Lending, LLC
NMLS# 173369 MB-0906989
Phone: 602-881-1414
Fax: 480-219-0849
Scottsdale, AZ
Apply Now
Ted Gehrke
Loan Originator
NMLS# 240314
ted@turboloans.com
Desert Equity Lending, LLC
NMLS# 173369 MB-0906989
Phone: 602-881-1414
Fax: 480-219-0849
Scottsdale, AZ
Apply Now

AZ: 480-245-8995
CO: 720-775-9866
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AZ: 480-245-8995
CO: 720-775-9866
APPLY NOW

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INTEREST RATES HIT 7 YEAR HIGH!
We have the most comprehensive rates anywhere!
$1295 Total Closing Costs, plus Appraisal, Title, & Pre-paids
Desert Equity Lending, LLC NMLS# 173369 | MB-0906989
Desert Equity Lending, LLC NMLS# 173369 | MB-0906989

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Market Commentary

Updated on July 17, 2018 10:32:26 AM EDT

Today’s only relevant economic data was Junes Industrial Production data at 9:15 AM ET. It showed a 0.6% increase in output at U.S. factories, mines and utilities, slightly exceeding forecasts of a 0.5% increase. The larger than expected rise is technically bad news for bonds and mortgage rates. However, because this is only a moderately important report that showed a minimal variance, it has had little impact on today’s mortgage pricing.

Fed Chairman Powell is speaking to the Senate Banking Committee this morning in his semi-annual congressional update on the status of the economy and monetary policy. His prepared statement did not reveal any major surprises but did reiterate that the recent strength in the employment sector and inflation can be sustained over the next several years. He also indicated that recent economic data points toward strong economic growth during the second quarter. His statement did little in addressing the number of rate hikes they expect to make this year, just mentioning that they expect to gradually raise rates. Overall, nothing of great significance so far.

This event will be repeated tomorrow before the House Financial Services Committee. We usually see the most movement in the markets and mortgage rates during the first day of this testimony. This is because the speakers prepared words for both appearances are quite similar to each other, meaning that the second day of testimony rarely gives us anything we did not hear during the first day. The general exception is something asked or answered during the Q&A portion of the second days appearance. With seeing little reaction to today’s testimony, it appears we have little to be concerned about from tomorrow’s session.

Besides day two of Fed Chairman Powell’s testimony, we also have Junes Housing Starts being released at 8:30 AM ET tomorrow morning. It will give us an indication of housing sector strength and future mortgage credit demand, but usually doesnt cause much movement in mortgage rates unless it varies greatly from forecasts. Tomorrows release is expected to show a decline in construction starts of new homes last month. The lower the number of starts, the better the news it is for the bond market, as it would indicate a weaker than expected new home portion of the housing sector.

Also tomorrow, the Federal Reserve will release its Beige Book report at 2:00 PM ET. This report is named simply after the color of its cover, but it is considered to be important to the Fed when determining monetary policy during their FOMC meetings. It details economic activity and conditions by Fed region throughout the U.S. If there are any significant changes in conditions since the last update, we could see afternoon moves in the markets and mortgage rates. Signs of weakness should translate into bond strength and better mortgage rates.

 ©Mortgage Commentary 2018

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CALL TODAY for your no obligation quote: 602-881-1414

Mortgage Lending State: Arizona and Colorado

Contact us:

Ted Gehrke
Fax: 480-219-0849
Direct: 602-881-1414
Email: ted@turboloans.com

The data relating to mortgage loans and/or real estate for sale on this web site comes in part from the Mortgage 101 program. All data on this web site is deemed reliable but is not guaranteed.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is displayed with the understanding that the publisher and authors are not engaged in rendering real estate, legal, accounting, tax, or other expert assistance is required, the services of a competent, professional person should be sought. The information contained in this publication is subject to change without notice.

DESERT EQUITY LENDING, LLC MAKES NO WARRANTY OF ANY KIND WITH REGARD TO THIS MATERIAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. DESERT EQUITY LENDING, LLC SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MATERIAL.

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CALL TODAY for your no obligation quote: 602-881-1414

Mortgage Lending State: Arizona and Colorado

Contact us:

Ted Gehrke
Fax: 480-219-0849
Direct: 602-881-1414
Email: ted@turboloans.com

The data relating to mortgage loans and/or real estate for sale on this web site comes in part from the Mortgage 101 program. All data on this web site is deemed reliable but is not guaranteed.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is displayed with the understanding that the publisher and authors are not engaged in rendering real estate, legal, accounting, tax, or other expert assistance is required, the services of a competent, professional person should be sought. The information contained in this publication is subject to change without notice.

DESERT EQUITY LENDING, LLC MAKES NO WARRANTY OF ANY KIND WITH REGARD TO THIS MATERIAL, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. DESERT EQUITY LENDING, LLC SHALL NOT BE LIABLE FOR ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES IN CONNECTION WITH THE FURNISHING, PERFORMANCE, OR USE OF THIS MATERIAL.

security Provided by OpenClose Proud Partner of OpenClose for 11 yrs
Service Provider