Napa Mortgage News

Second Chance's.......from BK.....shortsale or Foreclosure

July 18th, 2017 8:42 AM by Dale DiGennaro

Dear Gena,

I hope you and your loved ones had a very special 4th of July holiday and that you all took advantage of the extra time away from work to have some fun!

I wanted to make you aware, that if you or someone you know is waiting to clear a

past financial challenge before purchasing or doing a refinance for a better rate....

Our "Second Chance" program can help.

No more waiting!

Call or e-mail me with your particular situation so we can see what best suits your needs and how we may help!

VISIT OUR WEBSITE

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

Focus Remains on Europe

The prospect of tighter monetary policy from the European Central Bank (ECB) again was the main influence on U.S. mortgage rates this week. The U.S. economic data caused

little reaction. Mortgage rates ended the week higher.

Similar to what the U.S. Fed did earlier in the decade, the ECB has been buying massive quantities of government bonds to help push yields lower and stimulate the European economy. This has been good for bonds around the world and has lowered U.S. mortgage rates. Last week, however, ECB President Draghi hinted that they might begin to scale back (taper) their bond purchases sooner than expected. The possibility of reduced demand from the ECB caused bond yields to rise. Then on Wednesday, the ECB released the minutes from the June 8 meeting, and this reinforced investor expectations for tighter monetary policy. Global bond yields rose further, including U.S. mortgage-backed securities, pushing mortgage rates higher.

Friday's release of the key Employment report from the Bureau of Labor Statistics revealed a familiar story. Job gains were impressive, but wage growth was not. Against a consensus forecast of 175,000, the economy added 222,000 jobs in June. In addition, upward revisions added 47,000 jobs to the results for prior months.

The economy has added an average of 194,000 jobs over the past three months, compared to a monthly average of 187,000 for all of 2016. The unemployment rate unexpectedly increased from 4.3% to 4.4%, but this was viewed as a sign of strength since it was mostly due to workers entering the labor force. Average hourly earnings, an indicator of wage growth, fell short of expectations and were just 2.5% higher than a year ago. The weakness in wage growth was good for mortgage rates and offset the negative effect of the solid job gains. As a result, there was little net change in mortgage rates after the release of the data.

Looking ahead, Friday will be the big day next week with Retail Sales and CPI. Consumer spending accounts for about 70% of economic output in the U.S., and the retail sales data is a key indicator. The Consumer Price Index (CPI), a widely followed monthly inflation report, looks at the price change for goods and services which are purchased by consumers. Before that, Fed Chair Yellen will be delivering her semi-annual testimony to Congress on Wednesday. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.

More great music in downtown Napa over the holiday week.

The "Petty Theft" band atSilo's.

A tribute to Tom Petty who we also just saw in person at BottleRock!

Dale DiGennaro at Silo_s to see Petty Theft Band. July 2017

We also participated in the 4th of July celebration at "The General Store" with the kids.

We all had a nice dinner, enjoyed the live music from Silo's outdoor patio and then took in the fireworks display!

What a great week!

Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions. I will be happy to share with you whatever information you may need!"