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Residential Mortgage Services
 
Provided to you Exclusively
By
Wayne Wasano
 
Wayne Wasano, President
NMLS # 168342
Residential Mortgage Services
3585 E. Flamingo, #103
Las Vegas, NV 89121
RMS NMLS No. 168397
Nevada: 702-524-6670
California: 760-212-9578
E-Mail: wayne.wasano@rmsfunding.com
 
Wayne Wasano, President <br> NMLS # 168342
 
For the week of Apr 23, 2018 --- Vol. 16, Issue 17
In This Issue
 
Last Week in Review: Retail Sales and Housing Starts blossom in March.

Forecast for the Week: Housing reports and GDP highlight a full economic calendar.

View: Find out how to recover lost text from shared documents and files on three popular platforms.


Last Week in Review
 
"Hey, big spender." Shirley Bassey. After three straight months of declines, Retail Sales rebounded in March as consumers spent their hard-earned dollars.

Retail Sales rose 0.6 percent in March, above the 0.4 percent expected and up from the decline of 0.1 percent in February, the Commerce Department reported. Leading the boost was spending on automobiles and health and personal care items. Consumer spending makes up two-thirds of U.S. economic activity and is crucial to a healthy economy.

Housing Starts also bloomed in March, rising 1.9 percent from February to an annual rate of 1.319 million units, per the Commerce Department. February's figure was also revised higher to 1.295 million units. Housing Starts got a big boost from a 16.1 percent monthly increase from the multi-dwelling sector. However, things were less rosy for those interested in single family homes, as single-family starts fell 3.7 percent from February. From March 2017 to March 2018, Housing Starts were up 10.9 percent.

Building Permits, a sign of future construction, rose 2.5 percent from February to March to an annual rate of 1.354 million. Limited inventory remains a challenge in many areas of the country, so it will be important to see if Housing Starts continue to blossom and if single family starts shift gears higher.

Mortgage Bonds struggled in the latest week, approaching five-year lows, due to strong economic news and positive data. Home loan rates have edged higher but still remain historically attractive.

If you or someone you know has any questions about rates or home loans, please get in touch. I'd be happy to help.


Forecast for the Week
 
The busy economic calendar contains key releases on home sales and first quarter GDP.
  • Housing data kicks off the week with Existing Home Sales on Monday. The S&P/Case-Shiller Home Price Index and New Home Sales follow on Tuesday.
  • Look for Consumer Confidence on Tuesday and the Consumer Sentiment Index on Friday.
  • On Thursday, weekly Initial Jobless Claims and Durable Goods Orders will be reported.
  • On Friday, Gross Domestic Product, the Employment Cost Index and the Chicago PMI will be released.
Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve. In contrast, strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond on which home loan rates are based.

When you see these Bond prices moving higher, it means home loan rates are improving. When Bond prices are moving lower, home loan rates are getting worse.

To go one step further, a red "candle" means that MBS worsened during the day, while a green "candle" means MBS improved during the day. Depending on how dramatic the changes are on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, Mortgage Bonds have edged lower. Home loan rates remain near historic lows.

Chart: Fannie Mae 4.0% Mortgage Bond (Friday Apr 20, 2018)
Japanese Candlestick Chart


The Mortgage Market Guide View...
 
Tech Tip: Access Document Version History

While storing, sharing and collaborating on documents in cooperative cloud-based apps are great productivity advancements for teams, when a document "loses" information it can be frustrating. Fortunately, many platforms save a history of each document version, so users can access and recover deleted or changed data.

Here's how to recover your information on three popular services*:

Dropbox keeps a complete version history for 30 days with the basic membership and up to 120 days for upgraded subscriptions. To access, sign in to your account, select the file you want to check, right click the file name then Version history. You can restore an older version by clicking the Restore button.

Google Drive allows you to see changes made to a document in Docs, Sheets or Slides if you have Editor permission. Open the file you want to check on your computer. At the top of the file, click File > Version history > See version history. In the panel, click a timestamp to see earlier versions of the file, which shows who edited it and the changes made. To save the old version as a new document, click More actions > Name this version.

Box displays the total number of saved file versions in the right sidebar when a file is selected. Click on the number of saved versions to open the Version History window. You can also open the Version History window by right clicking on a file or the ellipses "..." and selecting Version History. To download or remove a version or revert to a previous file, click Make Current. Version history is only available with an upgraded subscription. Check your current membership to see if this feature is a part of your service.

*Availability at time of writing.

Economic Calendar for the Week of April 23 - April 27

Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Mon. April 23
10:00
Existing Home Sales
Mar
5.57M
 
5.38M
Moderate
Tue. April 24
09:00
S&P/Case-Shiller Home Price Index
Feb
6.4%
 
6.4%
Moderate
Tue. April 24
10:00
Consumer Confidence
Apr
126.1
 
127.7
Moderate
Tue. April 24
10:00
New Home Sales
Mar
631K
 
618K
Moderate
Thu. April 26
08:30
Durable Goods Orders
Mar
1.9%
 
3.1%
Moderate
Thu. April 26
08:30
Jobless Claims (Initial)
4/21
NA
 
NA
Moderate
Fri. April 27
08:30
GDP Chain Deflator
Q1
2.2%
 
2.3%
HIGH
Fri. April 27
08:30
Employment Cost Index (ECI)
Q1
0.7%
 
0.6%
HIGH
Fri. April 27
08:30
Gross Domestic Product (GDP)
Q1
2.1%
 
2.9%
HIGH
Fri. April 27
09:45
Chicago PMI
Apr
56.3
 
57.4
Moderate
Fri. April 27
10:00
Consumer Sentiment Index (UoM)
Apr
98.0
 
97.8
Moderate
Program Highlights:
In-House Delegated Underwriting;
FHA Direct Endorsement Lender;
VA Automatic Lending Authority;
Gov't Streamline Refinancing;
FNMA / FHLMC Programs;
Reverse Mortgages.

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.

As your mortgage professional, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

In the unlikely event that you no longer wish to receive these valuable market updates, please USE THIS LINK or email: secondary@rmsloan.com

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Wayne Wasano
3585 E. Flamingo, #103
Las Vegas, NV 89121

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