Took a look at some information in the last few days and found this information you all would find useful:
Highlights
• Stock market went on a wild ride this week. After posting gains on the back of a strong industrial production report, markets were set to end the week down at 2pm on Friday afternoon.
• The Federal Reserve’s senior loan officer survey indicates that the supply and demand for credit appears to be improving, albeit gradually.
• U.S. Industrial Production numbers surpassed expectations, expanding by 1.0% in July.
• Yet housing disappointed as new starts inched up to 546K units and building permits fell to 565K.
• Initial jobless claims rose to 500K. This does not bode well as the reported data corresponds with the reference week for the August payrolls report.
• CPI data released this morning indicated a 0.6% increase in all-items consumer prices on a month-over-month basis. On a year-over-year basis, inflation increased from 1.0% to 1.8%.
• Data was heavily skewed by the implementation of the harmonized sales tax (HST) in British Columbia and Ontario and a 2 percentage point increase in Nova Scotia’s HST. Year-over-year headline inflation increased from 1.6% to 2.9% in Ontario, from 0.5% to 2% in BC, and from 0.7% to 1.7% in Nova Scotia.
• The housing market, which has already begun to trend downward, has been particularly impacted by the HST implementation as BC and Ontario are Canada’s two largest housing markets.
• Existing home purchases are not subject to HST, though related services are, but created a false sense of urgency that resulted in outsized declines in home sales in Ontario and BC in recent months. This, in turn, drove nationwide home sales downwards.
• This temporary factor aside, the housing market is expected to contract throughout the remainder of 2010 and into 2011 as demand dwindles and interest rates continue to rise.
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Keep in mind mortgage rates and the real estate market are affected by an assortment of factors. Besides thisd my firm is offering some good mortgage options:
1 Year Fixed 2.44%…2 Year Fixed 3.09%…3 Year Fixed 2.79%…4 Year Fixed 3.79%…Best 5 Year Fixed 3.55… Buy a home thorugh my firms realtor associates and get 5 year fixed for 3.44%.
If you are looking for an Adjustable Rate Mortgage then Prime – .75% is a good one for your mortgage needs.
As always my firm is here for your needs and if there any question feel free to contact me by phone at 1-877-431-6662 ext.1 or email me at jimamitofski@networthmortgage.com or even go to my website to get all the mortgage and real estate information you need at www.networthmortgage.com. I hope you have a great day.
The Networth Mortgage Group Blog 