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Spending | Rates | March Madness

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Mortgage and Lending with Benchmark Home Loans 173024

Spending at U.S. retail stores fell for the third straight month in February, which could signal an economic slowdown in the first quarter. February Retail Sales fell 0.1% last month versus the gain of 0.3% expected after declines in December and January. The three straight months of decline in Retail Sales has not occurred since April 2012. In order to have a healthy economy, the consumer has to spend. Consumer spending makes up two-thirds of the U.S. economy.

Mortgage rates continued to edge higher in the latest week hitting highs not seen since the beginning of 2014. The Mortgage Bankers Association reports that the 30-year fixed-rate mortgage rose four basis points in the latest week to 4.69%. That rate does carry an average point of 0.45 added on top. Interest rates in general have been moving higher since January 1 due in part to an improving economy.

With "March Madness" set to explode at the end of the week and continue on until April 2, worker productivity across the nation is expected to decline. Many companies will be hosting their NCAA brackets for march Madness with billions exchanging hands at offices around the country. In 2017, there were 70 million tournament brackets amounting to a whopping $10.4 billion wagered. The downside is a loss in worker productivity. It is estimated that unproductive work due to March Madness totaled $6.3 billion in 2017 and is ranked third in office distractions.

 

Posted by

Steve Reed

Benchmark Home Loans

Branch Manager

NMLS #173024

Ark-La-Tex Financial Services, LLC NMLS #2143 

4138 Bristol Highway, Suite #4

Johnson City, TN 37601

Phone 423-232-0111

steve.reed@benchmark.us

www.stevereed.benchmark.us

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