August 3, 2015
The U.S. economy picked up speed between April and June after a winter crawl, helped by a boost in consumer spending that returned the nation to its pace of solid but unspectacular growth, new government data showed this past Thursday. “We’re an economy that just can’t get up to high speed,” said Stuart Hoffman, the chief economist for PNC Financial Services Group. “We’re getting closer to where we want to be, but we’re getting there slowly.”
The Federal Reserve appears on track to raise interest rates later this year but signaled Wednesday that it wants to see further economic gains and higher inflation before doing so. A statement from the Fed after its latest policy meeting provided no timetable.
Average long-term U.S. mortgage rates fell for a second straight week with key 30-year rate slipping below 4 percent. Freddie Mac says the average rate on a 30-year fixed rate mortgage declined to 3.98 percent from 4.04 percent a week earlier. This is good news for homebuyers. As far as “renters” go, U.S. home rental prices climbed much faster than incomes in June. But there are signs of slowing momentum around major job hubs such as New York, Los Angeles, and Washington. If you know someone who is renting, now may be a good time to give them a little push towards buying a home rather than renting.
Reminder: Next Friday-August 7th –August 9th, is the Texas sales tax holiday, bringing a bonanza for retailers and savings for parents looking to purchase back-to-school supplies and certain clothes for their kiddos returning to school soon. Texas shoppers are expected to save $87 million in state and local sales taxes, according to the state comptroller’s office.
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© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, Century 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email firstname.lastname@example.org. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)