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Ricky's Weekly Mortgage Update
Mortgage Market Commentary
Mortgage rates returned to moving upward last week on positive economic news and ongoing fretting about inflation. While we’ve only seen a few real flare-ups in inflationary pressure in these last few years, experts continued to wonder when prices will begin to rise. Many factors continue to have analysts shifting their positions, even with some recent moderating of overall economic growth. Retail Sales posted a solid 0.6% increase, while Industrial Production grew 0.3%. News regarding the potential summit and denuclearization of North Korea brought some hope for market stability.
The first estimate of GDP for 2018 is due this week with predictions around 2.0%. If GDP comes in below 2.0% rates might begin to drift downward, but will still face an upward current. News over the weekend hinted that the US might be working toward reducing the probability of a trade war with China. Consumer Confidence will give us some insight into consumer moods. With expectations of a decrease, an increase, especially one that matches Retail Sales would likely push rates even higher.
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