Napa Mortgage News

St. Patricks Day...Andretti Wine Dinner Napa

March 23rd, 2018 12:46 PM by Dale DiGennaro

St Patrick's Day is a global celebration of Irish culture on or around March 17. It particularly remembers St Patrick, one of Ireland's patron saints, who ministered Christianity in Ireland during the fifth century.

For more details on this age old celebration...

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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!

Retail Sales Drop Again

It was a relatively quiet week for mortgage rates ahead of the Fed meeting on March 21st. The primary surprise was a decline in retail sales, which was positive for mortgage rates, and rates finished the week slightly lower.

Consumer spending accounts for about 70% of economic activity in the U.S., making the retail sales data a highly anticipated report each month. Following the hurricanes last fall, retail sales were very strong for three months, causing most economists to expect that consumer spending would remain strong in 2018. This has not been the case however. Wednesday's report revealed that retail sales in February unexpectedly declined for the third straight month.

One result of the weaker than expected retail sales data seen over the last few months is that many leading economists have been lowering their forecasts for first quarter gross domestic product (GDP), the broadest measure of economic growth. Perhaps the most widely followed GDP prediction is put out by the Federal Reserve Bank of Atlanta. At the end of January, the Atlanta Fed forecast for first quarter GDP growth was a shockingly high 5.4%. Since then, it has been declining rapidly, but it still was at a solid 2.5% last week. The Atlanta Fed's most recent reading is just 1.9%, which is in line with the consensus of leading economists. The actual first quarter GDP data will be released on April 27.

Friday's report on housing starts contained mixed news. In February total housing starts fell 7% from January, dropping well below the expected level. However, this was entirely due to a large decline in highly volatile starts of multi-family units. Single-family starts in February rose 3% from January, and there were 501,000 single-family units under construction, the most since June 2008. This was encouraging news since a lack of inventory has been holding back home sales in many regions.

Looking ahead, the big news will be Wednesday's Fed meeting. Investors widely expect a 25 basis point increase in the federal funds rate, and they will be seeking guidance about the pace of future rate hikes. In addition, they will be looking for changes at Jerome Powell's first meeting as Fed Chair. For economic data, Existing Home Sales will be released on Wednesday and New Home Sales on Friday. Durable Orders, an important indicator of economic activity, also will come out on Friday.

We had a great time at the Andretti Winery dinner last week and enjoyed meeting the wine maker, the photographer of all the beautiful photos and the chef!

End of the night by the fire pit was perfect.

"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!"

Sincerely,

Dale DiGennaro, President

Custom Lending Group

O:707-252-2700 C:707-738-0878

"Always looking out for your best interest!"

Posted in:St Patricks Day, Andretti Wine Dinner, Mortgage Ma and tagged: mortgage loans Home Loans St Patricks Day Andretti Winery

Posted by Dale DiGennaro on March 23rd, 2018 12:46 PM

Napa Mortgage News

St. Patricks Day...Andretti Wine Dinner Napa

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