MMG WEEKLY – WHAT ARE THY SAYING THIS WEEK?

MMG Weekly / Vantage Production.blueForecast for the Week

In a week fully loaded with economic news, employment data and monetary policy will command attention.
  • Monday kicks off with Personal Income, Personal Spending and the Fed’s favorite inflation gauge Personal Consumption Expenditures.
  • Housing information will come from Pending Home Sales on Monday and the S&P/Case-Shiller Home Price Index on Tuesday.
  • From the manufacturing sector, Chicago PMI will be delivered on Tuesday followed by the ISM Index on Wednesday.
  • Labor market news will be plentiful with the ADP National Employment Report on Wednesday, worker Productivity and weekly Initial Jobless Claims on Thursday. The January Jobs Report will be released on Friday, which includes Non-farm Payrolls, Hourly Earnings and the Unemployment Rate.
  • Also this week, Consumer Confidence will be released on Tuesday, the FOMC Monetary Policy Statement on Wednesday and ISM Services Index on Friday.
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 been stutter stepping downward since mid-January. Although home loan rates increased slightly, they are still in attractive territory.

Chart: Fannie Mae 3.5% Mortgage Bond (Friday January 27, 2017)

Japanese Candlestick Chart

The Mortgage Market Guide View…

How to Fix Errors on Your Credit-Card Bill
Start with the merchant in question, but don’t be afraid to escalate a dispute to your credit card issuer.
By Lisa Gerstner, Kiplinger.com

As card statements roll in this post-holiday season, keep your eyes peeled for errors, such as a duplicate charge or one for an item you never received. If you suspect that a thief has used your card, call the issuer right away. Otherwise, many card issuers let you initiate a dispute through their websites. And Citibank customers may now dispute a charge through the bank’s mobile app.

The most efficient way to resolve a billing error may be to ask the merchant to make amends. If you still need to contact the card issuer, be sure to put the dispute in writing within 60 days of the time the bill containing the error was sent to you. Doing so triggers your protections under the Fair Credit Billing Act — although major card networks often honor disputes for at least twice that long, says Sean McQuay of NerdWallet.

While your case is under investigation, you won’t have to pay the charge or any interest that accumulates on it, and the issuer can’t report you as delinquent to the credit bureaus. If you want to be sure of a paper trail to back up your dispute, send a letter by certified mail and request a return receipt, says Chi Chi Wu, staff lawyer for the National Consumer Law Center. The creditor has to settle your case within two billing cycles (and no longer than 90 days) of receiving the notice.

If the card company decides in your favor, you’re home free. But if the issuer finds no mistake — say, the charge is a legitimate one whose label you didn’t recognize — you’ll have to pay up. Still feel as if you’ve been wronged? File a complaint with the Consumer Financial Protection Bureau, at www.consumerfinance.gov/complaint. It will forward your complaint to the issuer, which must respond within 15 days.

Reprinted with permission. All Contents © 2017 The Kiplinger Washington Editors. Kiplinger.com.

Economic Calendar for the Week of January 30 – February 03

Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Mon. January 30
08:30
Personal Income
Dec
NA
0.0%
Moderate
Mon. January 30
08:30
Personal Spending
Dec
NA
0.2%
Moderate
Mon. January 30
08:30
Personal Consumption Expenditures and Core PCE
Dec
NA
0.0%
HIGH
Mon. January 30
08:30
Personal Consumption Expenditures and Core PCE
YOY
NA
1.6%
HIGH
Mon. January 30
10:00
Pending Home Sales
Dec
NA
-2.5%
Moderate
Tue. January 31
08:30
Employment Cost Index (ECI)
Q4
NA
0.6%
HIGH
Tue. January 31
09:00
S&P/Case-Shiller Home Price Index
Nov
NA
5.1%
Moderate
Tue. January 31
09:45
Chicago PMI
Jan
NA
54.6
Moderate
Tue. January 31
10:00
Consumer Confidence
Jan
NA
113.7
Moderate
Wed. February 01
08:15
ADP National Employment Report
Jan
NA
153K
HIGH
Wed. February 01
10:00
ISM Index
Jan
NA
54.7
HIGH
Wed. February 01
02:00
FOMC Meeting
Feb
NA
0.625%
HIGH
Thu. February 02
08:30
Jobless Claims (Initial)
1/28
NA
NA
Moderate
Thu. February 02
08:30
Productivity
Q4
NA
3.1%
Moderate
Fri. February 03
08:30
Non-farm Payrolls
Jan
NA
156K
HIGH
Fri. February 03
08:30
Hourly Earnings
Jan
NA
0.4%
HIGH
Fri. February 03
08:30
Unemployment Rate
Jan
NA
4.7%
HIGH
Fri. February 03
08:30
Average Work Week
Jan
NA
34.3
HIGH
Fri. February 03
10:00
ISM Services Index
Jan
NA
57.2
Moderate

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.

Mortgage Market Guide, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Market Guide, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose. 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.

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