va loans: Consumer Sentiment | Ellie Mae | Tax Cut - 01/19/18 10:18 AM
Consumer Sentiment edged lower in early January down from the decade high hit back in October. The index fell to 94.4 after the 95.9 recorded in December. However, consumers reported persistent strength in personal finances and buying plans. The report also revealed that 34% of consumers talked of tax reform with 70% of those saying the new tax reform bill would be positive while 18% said negative.
Leading cloud-based platform provider for the mortgage industry, Ellie Mae, reported this week that refinance applications made up 40% of all closed loans in December. The surge in refinancing was due in part to purchases … (1 comments)

va loans: Retail Sales | Inflation - 11/15/17 11:43 AM
Retail Sales slowed in October after the big gain in September, which was boosted by post-hurricane spending. Retail Sales rose a modest 0.2%, just above the 0.1% expected and down from the 1.9% registered in September. Year over year, sales were up 4.6%. Despite the small gains in October, only a few sectors were weak: building material suppliers, gas stations and non-store retailers. Heading into the holiday shopping season, the National Retail Federation expects total sales of $678.75 billion to $682 billion, up from $655.8 billion last year.
Tame consumer inflation data was reported in October after a spike in gas prices … (0 comments)

va loans: Retail Sales | New York | Employment - 08/15/17 01:38 PM
July Retail Sales rose 0.6% versus the 0.3% expected, while June was revised higher to 0.3% from -0.2%. It was the largest increase in seven months as consumers spent on autos and discretionary items. When stripping out autos, sales rose 0.5 percent, above the 0.3 percent expected. Consumer spending makes up about two-thirds of the U.S. economy. The strong numbers could be a positive sign for economic growth moving forward.
Business activity in the New York region rose to its highest level in nearly three years with firms very optimistic about future conditions. The Empire State Manufacturing Survey surged 15 points to … (0 comments)

va loans: Mortgage Rates | Unemployment | Amazon - 04/06/17 01:57 PM
Mortgage rates continued to edge lower for the third straight week after the run up in home and refinance borrowing costs since the U.S. presidential election in November. Freddie Mac reported that the 30-year fixed conventional mortgage rate fell to 4.10% this week from 4.16% in the previous week. To obtain that rate, a potential borrower would have to pay 0.5 in points and fees. Freddie Mac said mortgage rates next week will be impacted by Friday’s employment report for March and whether or not job growth can be sustained from the strength in January and February.
Americans filing for first time … (0 comments)

va loans: Housing Market Index | Inflation - 03/15/17 01:44 PM
The National Association of Home Builders (NAHB) reported today that its Housing Market Index, a measure of home builder sentiment, jumped six points from February to 71, above the 65 expected. It is the highest level in 12 years! NAHB Chairman Granger MacDonald, a homebuilder and developer from Texas, said homebuilders are “buoyed” by expectations of regulatory reforms from the White House that will impact permitting. Any number over 50 indicates that more builders view conditions as good than poor.
Inflation at the consumer level decreased in February from January, mainly due to falling prices at the gas pumps, which offset increases … (0 comments)

va loans: Job Cuts | Mortgage Rates | Federal Reserve Rate - 02/02/17 01:35 PM
U.S. employers announced more job cuts in January than in December mostly due to corporate downsizing in the retail and as seasonal workers were dismissed. Outplacement firm Challenger, Gray & Christmas reports that employers announced 45,934 payroll cuts in January, +37% from December in the retail sector. Cuts were 39% lower than January 2016.
Mortgage rates were unchanged this week after last week's Gross Domestic Product showed tepid growth in the final quarter of 2016. The 30-year fixed conventional mortgage rate ($424,000 or less) remained at 4.19% this week with 0.5 in points and fees, as reported by Freddie Mac. However, to … (0 comments)

va loans: Monetary Policy | Labor Market | iPhone - 02/01/17 01:44 PM
The Fed's monetary policy statement will be released this afternoon at 2:00 p.m. ET where there is almost a zero percent chance of a hike to the short-term Fed Funds Rate. However, today's robust jobs data could make the statement a bit more hawkish when it comes to rate hikes. The March Fed meeting sees a 25% chance of a hike after the ADP data, up slightly from yesterday. That probability could grow if economic data comes in on the positive side this month and early March. The two-day March meeting takes place on the 14th and 15th.
The labor market kicked … (0 comments)

va loans: Signed Contracts | Consumer Spending | Gas Prices - 01/30/17 12:43 PM
Signed contracts to purchase homes in December rebounded from the previous month with solid increases in the South and West offsetting weakening activity in the Midwest and Northeast. The National Association of Realtors® (NAR) reported that Pending Home Sales in December rose 1.6% from November and above the 1.3% expected. The NAR said that potential home buyers shrugged off rising mortgage rates and limited housing inventory to sign home purchase contracts.
Consumers spent their hard-earned dollars in December on a variety of goods along with purchases of motor vehicles due in part to rising wages. The Commerce Department reported that Personal Spending … (0 comments)

va loans: Open House | 108 Fairridge Rd, Johnson City, TN | 01-29-17 - 01/27/17 10:02 AM
Open House 
108 Fairridge Rd, Johnson City, TN 37604
January 29, 2017 2-4PM
$124,900 3 Bed Room 3 Bath
(3 comments)

va loans: GDP | Durable Orders | Monetary Policy - 01/27/17 09:54 AM
The Bureau of Economic Analysis reported that Gross Domestic Product (GDP) grew by 1.9% in the final quarter of 2016, below the 2.2% expected and down from the 3.5% reported in the third quarter. For all of 2016, GDP grew by a tepid 1.9%, down from 2.6% in 2015 and the worst showing since 2011.Within the report it showed that consumer spending rose 2.5%.
Orders for consumer products lasting for at least three years fell unexpectedly in December from November due in part to a cutback in demand from the Pentagon. The government reported on Friday that U.S. Durable Orders fell 0.4% … (0 comments)

va loans: NAFTA | Stocks | - 01/23/17 01:43 PM
President Trump plans to sign an executive order to renegotiate NAFTA, the North American Free Trade Agreement, between the U.S., Canada and Mexico. NAFTA is a comprehensive agreement that sets rules for international trade and investment between the aforementioned countries. Mr. Trump's goal is to put American workers and businesses first when it comes to trade and to return millions of jobs to the U.S.
U.S. Stocks are declining to begin the new week as investors worry about the lack of details from President Donald Trump's proposals for tax and regulatory reforms and higher infrastructure spending. The major indices, S&P, Dow, and … (1 comments)

va loans: Mortgage Rates | Loan Applications | Exercise - 01/11/17 10:50 AM
Mortgage rates edged lower in the latest survey for the second straight week after having surged since the presidential election results. However, early January brought a sense of caution, which shifted investing dollars back into the Bond markets, pushing prices higher and yields and mortgage rates lower.The Mortgage Bankers Association (MBA) reported that the 30-year fixed conventional mortgage rate fell to 4.32% in the latest week from 4.39% with points decreasing to 0.31 from 0.43.
Within the report it showed that the MBA's Market Composite Index, a measure of total loan application volume, increased 5.8%, while the refinance index rose 4.4%, and … (0 comments)

va loans: Home Purchase Sentiment | Foreclosures | Online Sales - 01/10/17 10:58 AM
Fannie Mae released its Home Purchase Sentiment Index (HPSI) on Monday revealing that sentiment was dampened by rising mortgage rates, despite improved economic confidence since the presidential election results. Fannie Mae's HPSI fell in December for the fifth consecutive month, slipping 0.5 points to 80.7. The report's six components were mixed in results. “Despite the post-election bump in general consumer attitudes, a rapid rise in mortgage rate expectations has tamped down home purchase sentiment, at least in the near term,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.
In housing news, analytics firm CoreLogic reported on Tuesday that … (1 comments)

va loans: Jobless Claims | Oil Inventories | DOW - 12/29/16 12:16 PM
The labor market had another solid week. Filings have been below 300,000 for 95 straight weeks, a streak last experienced in 1970. Weekly jobless claims declined by 10,000 to 265,000 in the week ended Dec. 24 from a six-month high in the prior period, a Labor Department reported.
A reported increase in U.S. oil inventories stalled increasing price momentum that has been driven to its highest levels since July 2015. The American Petroleum Institute reported a 4.2 million barrel increase in U.S. crude in the week to Dec. 23. OPEC and non-OPEC producers are scheduled to meet the third week of January … (2 comments)

va loans: Home Builders | Mortgage Rates | Unemployment - 12/15/16 12:29 PM
Home builder confidence surged in December after the election in early November. The National Association of Home Builders reported that its Housing Market Index hit 70 this month, above the 63 expected and up from 63 in November. It was the highest level since July 2005. “This notable rise in builder sentiment is largely attributable to a post-election bounce, as builders are hopeful that President-elect Trump will follow through on his pledge to cut burdensome regulations that are harming small businesses and housing affordability,” said NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill.
Mortgage rates continued to rise … (0 comments)

va loans: Sales | Mortgage Applications | Average Loan Size - 12/14/16 12:56 PM
Consumers pulled back on spending to begin the 2016 holiday shopping season in a month that featured the presidential election and Black Friday. The Commerce department reported that Retail Sales rose 0.1% last month, down from the 0.6% recorded in October, which was revised lower from 0.8%. Sales were up 3.8% from November 2015, which is an improvement compared with the beginning of the 2015 holiday shopping season. The report showed that sales slowed in the first two weeks of the month, but picked up after the election.
Mortgage application volume continued to decline in the latest week given the fact that … (0 comments)

va loans: Unemployment | Mortgage Rates | Home Flipping - 12/08/16 01:32 PM
Americans filing for first time unemployment benefits continue to hover near multi-decade lows and as the sector has improved dramatically since the end of the Great Recession back in mid-2009. The Labor Department reported that Weekly Initial Jobless Claims fell by 10,000 to 258,000 in the week ended December 3. Claims have now remained below the 300,000 mark for 92 straight weeks, which is normally associated with a robust job market. The four-week moving average of claims, which strips out seasonal abnormalities, rose 1,000 to 252,500.
Mortgage rates continued to rise this week as the post-presidential election results sparked a big rally … (0 comments)

va loans: Home Prices | Productivity | Interest Rates - 12/06/16 12:56 PM
CoreLogic, a leading provider of consumer, financial and property information, reported that home prices, including distressed sales, rose by 6.7% from October 2015 to October 2016. Month-over-month, prices rose 1.1% as the sector continues to graze in greener pastures. Looking ahead, prices are expected to rise 4.6% from October 2016 to October 2017.
The government released the second reading for third quarter Productivity, which was near in line with estimates of 3.1%. Within the Productivity numbers, unit labor costs rose by 0.7% versus the 0.2% expected, which measures the expense imposed on companies to compensate workers for their output. It could signal … (1 comments)

va loans: Economy | Credit Availability - 12/05/16 11:05 AM
The service sector of the U.S. economy grew at its fastest pace in 13 months in November, signaling the sector is a big positive for extended growth. The Institute for Supply Management (ISM) reported that its ISM Service Index rose to 57.2 last month, above the 55.6 expected and greater than the 54.8 recorded in October. A reading above 50 indicates the non-manufacturing sector economy is generally expanding; below 50 indicates the non-manufacturing sector is generally contracting. The employment component showed a gain, while new orders came in slightly lower.
The Mortgage bankers Association reported on Monday that credit availability increased in … (0 comments)

va loans: Oil Prices | Homes | Income - 11/30/16 01:11 PM
Oil prices gushed higher today after the Organization of Petroleum Exporting Countries (OPEC) said that it will cut production in an effort to curtail the oversupply of oil in circulation around the globe. OPEC said that it will decrease production by 1.2 million barrels per day by OPEC producers and cut by 600,000 barrels per day by non-OPEC producing countries. The news sent the Dow Jones Industrial Average to a record high of 19,222. West Texas Intermediate oil was trading at $48.44/barrel, +$3.23 at the time of this post.
A low supply of homes for sale was a big reason that contracts … (0 comments)

 
Steve Reed, Steve Reed  Branch Manager | Benchmark Home Loans  (Benchmark Home Loans)

Steve Reed

Steve Reed Branch Manager | Benchmark Home Loans

Johnson City, TN

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Benchmark Home Loans

Address: 4138 Bristol Hwy, Suite 4 , Johnson City, TN, 37690

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