Ever think about buying all possible number combinations to win the lottery? This story covers this history of lottery and how one man managed to successfully corner the lottery 12 times.
Rates bounced up this week after a steady decline for the previous two months. Fed Chair Jerome Powell testified that uncertainty continues to weigh on the economy and inflation remains muted. He signaled that the Fed will be cutting rates at their next meeting on July 31st. While the Fed does not control mortgage rates their words and actions can influence them and this is a good sign for the future of mortgage rates.
Loan Performance – we continue to see improvement in loan performance as 30 day and 120+ day lates dropped dramatically over the last 12 moths.
“Thanks to a 50-year low in unemployment, rising home prices, and responsible underwriting, the U.S. overall delinquency rate is the lowest in more than 20 years.”
Frank Nothaft – Chief Economist CoreLogic
Jobs – the number of people filing for unemployment for the first time dropped nicely this week. The 4th of July weekend likely skewed the numbers, next week there will likely be a correction.