MMG WEEKLY – WHAT ARE THEY SAYING THIS WEEK?

MMG Weekly / Vantage Production.blueForecast for the Week

The week is filled with data on consumer spending, manufacturing and housing, but all eyes will be on Thursday’s release of the Fed’s Monetary Policy Statement at 2:00 p.m. ET.
  • Retail Sales kick off the week on Tuesday.
  • The Empire State Index leads manufacturing data on Tuesday, followed by the Philadelphia Fed Index on Thursday.
  • Look for news on inflation when the closely watched Consumer Price Index is delivered on Wednesday.
  • Key housing data is plentiful starting with the National Association of Home Builders Housing Market Index on Wednesday, followed by Housing Starts and Building Permits on Thursday.
  • As usual, Thursday also brings weekly Initial Jobless Claims.
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—and when they 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, the Mortgage Bond market has been volatile in recent weeks. However, home loan rates remain near historic lows.

Chart: Fannie Mae 3.5% Mortgage Bond (Friday September 11, 2015)

Japanese Candlestick Chart
The Mortgage Market Guide View… Connect First: The Key to Asking for Referrals

A Dale Carnegie report suggests 91 percent of customers would give referrals, but only 11 percent of salespeople ask for them. You never know when your clients might have an opportunity for you, but you don’t want to pester them to find out. The solution: connect before you ask for referrals.

Try one of the actions below. Then, follow up with a quick phone call. Your clients won’t feel pressured when your focus starts with them.

Keep in touch. You can find hundreds of inexpensive ways to reach out to clients regularly in order to spark up a conversation, all of which may conclude with a low-pressure referral request. Send your e-newsletter, a recent and relevant article, holiday greetings, industry news that’s important to them and more. If you can automate the process, even better!

Share a recipe. Few things have such broad appeal, and according to Pinterest, recipes have been among the most popular Pins in recent years. Pay attention to cues your clients give about things they enjoy, or send seasonal favorites. If you and your clients aren’t connected on social media, emailing or snail mail works, too.

Be a resource. Your clients have needs and desires outside your core service. Think of ways to help them. Provide specific information they’ve had trouble locating, a referral to another trusted professional, or maybe sightseeing spots for their next vacation. If you can be a resource in any way, your clients will remember the extra level of attention you gave them. And, when they know someone who needs your services, they will gladly recommend you.

When you follow up with your clients and offer value to them, they will be happy to return the favor with a referral.

Feel free to pass these helpful tips along to your team, clients and colleagues!

Source: Inman.com

Economic Calendar for the Week of September 14 – September 18

Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Tue. September 15
08:30
Retail Sales
Aug
NA
0.6%
HIGH
Tue. September 15
08:30
Retail Sales ex-auto
Aug
NA
0.4%
HIGH
Tue. September 15
08:30
Empire State Index
Sep
NA
-14.9
Moderate
Wed. September 16
08:30
Consumer Price Index (CPI)
Aug
NA
0.1%
HIGH
Wed. September 16
08:30
Core Consumer Price Index (CPI)
Aug
NA
0.1%
HIGH
Wed. September 16
10:00
Housing Market Index
Sep
NA
61
Moderate
Thu. September 17
08:30
Jobless Claims (Initial)
9/12
NA
275K
Moderate
Thu. September 17
08:30
Housing Starts
Aug
NA
1260K
Moderate
Thu. September 17
08:30
Building Permits
Aug
NA
1119K
Moderate
Thu. September 17
10:00
Philadelphia Fed Index
Sep
NA
8.3
HIGH
Thu. September 17
02:00
FOMC Meeting
Sep
NA
0.25%
HIGH

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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