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Mark Hemingway

Mortgage Market Update for October 16th

Tuesday, October 17, 2017 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Regional manufacturing data from New York State surged in October due in part to strong gains in employment, new orders and shipments. The Empire State Index jumped to 30.2 in October, well above the 20.0 expected and well above the 24.4 recorded in September, the highest in three years. Looking ahead, firms are optimistic about upcoming conditions as future business, new orders and employment are expected to increase.

At an international banking seminar on Sunday, Fed Chair Yellen said that the outlook looks bright for the U.S. economy and for inflation prospects in coming months; this is weighing on Bond prices this morning. Ms. Yellen was speaking "Economic activity in the United States has been growing moderately so far this year, and the labor market has continued to strengthen," said Ms. Yellen.

Banking giant Citigroup reported third quarter earnings last week and within the numbers it revealed that mortgage originations continued to decline. The bank is slowly pulling away from mortgage originations as it focuses in on other lines of business. Total mortgage originations fell to $3.2 billion in the third quarter, down from $6.5 billion in the third quarter of 2016. There is no clear reason as to why the bank is moving out of the mortgage servicing business, but the increase in regulations could be one of the bigger reasons.

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