MMG WEEKLY – WHAT ARE THEY SAYING THIS WEEK?

MMG Weekly / Vantage Production.blueForecast for the Week

This week features the latest on housing. Plus, the last of three readings for second quarter Gross Domestic Product will give us important insight on the economy.
  • Existing Home Sales kick off the week Monday followed by New Home Sales on Friday.
  • In addition to the usual weekly Initial Jobless Claims on Thursday, Durable Goods Orders will also be reported.
  • Friday closes out the week with several reports, including Gross Domestic Product and the Consumer Sentiment Index.
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, Mortgage Bonds experienced a nice boost following the Fed’s decision to not raise the Fed Funds Rate, leaving home loan rates in attractive territory.

Chart: Fannie Mae 3.5% Mortgage Bond (Friday September 18, 2015)

Japanese Candlestick Chart

The Mortgage Market Guide View…

6 Ways to Keep Customers for Life

Dale Partridge, New York Times best-selling author of “People Over Profit,” says customer satisfaction should be the top priority of every business, salesperson and entrepreneur. When this isn’t the chief objective, goodwill is derailed, profits slump, referrals dry up and customers find another provider. Here are six things you must do to keep customers happy for life:

  1. Respond quickly. How promptly you respond to customers shows how much you care. Greet people when they walk in the door. Make sure calls and emails are answered as quickly as possible. If you don’t immediately have an answer to a question or concern, acknowledge receipt of the inquiry quickly and give a timeframe of when you will get back to your customer.
  2. Call your customers by name. No one wants to feel like a number. Address your customers by name, even if you have to look up their account record first.
  3. Surprise them (in a good way). You have good products and pricing, and everybody else claims the same. Surprise your clients with a “gift” every now and then—a discount, a freebie, a thank you note, a free cup of coffee. A pleasant surprise can go a long way.
  4. Be confident. If your product, service or product knowledge isn’t up to par, do something to improve it immediately, so you can have confidence in what you’re offering. Your customers will sense confidence—or lack of it.
  5. Have a great attitude. The only thing people dislike more than a grouch is giving money to one. Create systems to ensure all aspects of your client process, from intake to closing, are pleasant.
  6. Be thankful. Many companies go out of their way to show customers their appreciation. If you don’t, unfortunately, you’re the one who will stand out—for the wrong reasons. Say “thank you” to your customers whenever possible.
People like to feel appreciated. Building these six tips into your business will ensure people want to do business with you and encourage their friends and family to do the same.

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

Source: Inc.

Economic Calendar for the Week of September 21 – September 25

Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Mon. September 21
10:00
Existing Home Sales
Aug
NA
5.59M
Moderate
Thu. September 24
08:30
Jobless Claims (Initial)
9/19
NA
264K
Moderate
Thu. September 24
08:30
Durable Goods Orders
Aug
NA
2.2%
Moderate
Fri. September 25
08:30
Gross Domestic Product (GDP)
Q2
NA
3.7%
Moderate
Fri. September 25
08:30
GDP Chain Deflator
Q2
NA
2.1%
Moderate
Fri. September 25
10:00
New Home Sales
Aug
NA
507K
Moderate
Fri. September 25
10:00
Consumer Sentiment Index (UoM)
Sep
NA
85.7
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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