Scott Kinne First Heritage Mortgage

Scott Kinne's Mortgage information Blog

  • About Scott
  • Testimonials
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Affordable Credit Repair
    • Interest Rates
    • Loan Programs
    • Loan Process
    • Loan Checklist
    • Mortgage Glossary
    • Mortgage FAQ
  • Main Website
  • Contact
  • Apply

When Everyone Spends A Little Less, We All Save A Little More

July 13, 2007 by Scott Kinne

Retail Sales were lower in June 2007 and that is translating into lower mortgage rates today

Weakness in Retail Sales data this morning is causing a knee-jerk reaction in trading circles, edging mortgage rates lower this morning.

Against expectations of a flat reading, retailers reported a 0.9% decrease in sales volume in June. This is the largest reported drop in two years.

As we’ve discussed before, though, when looking at data trends, we cannot ignore revisions to months prior. The same report from the U.S. Census showed that May’s Retail Sales data was revised higher by 0.1%.

Now, also worth noting is that this month’s report shows a margin of error of 0.7%.

That means that actual sales could have slid by as much as 1.6% or as little as 0.2% — nobody knows for sure because the reported data is an extrapolation of the readings from a small sample set of all retailers nationwide.

So, in the best-case scenario, last month revised higher by 0.1% and this month showed a 0.2% loss — a net loss of 0.1%.

This is a sharp reversal from last month’s runaway numbers and should make the inflation-weary (i.e. the Federal Reserve) feel a little more at ease.

Slowing consumer sales reduces inflationary pressure on the economy and that is why we’re seeing rates improve this morning.

Filed Under: Uncategorized

Scott Kinne

Contact Scott

Vice President, Senior Loan Officer
NMLS ID #182351
Office: 703.293.6146
Mobile: 571.237.6241
Fax: 571.317.2478
skinne@fhmtg.com

Licensed In Maryland, Virginia, Washington D.C., West Virginia
  LOAN APPLICATION
  FREE RATE QUOTE

Connect with Me!

Sign Up For My Free Newsletter

Categories

Recent Posts

  • 3 Things That Will Absolutely Kill Your Chances for a Mortgage Approval
  • Mortgage Interest Rate Versus APR: What To Know
  • Navigating A Market With Higher Interest Rate
  • Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
Equal Housing Lender
nmlsconsumeraccess.org
First Heritage Mortgage, LLC, Company NMLS ID #86548

Our Location

3201 Jermantown Road
Suite 800
Fairfax, VA 22030
Business: 703-293-6146
Cellphone: 571-237-6241

Copyright © 2023 · Powered by MySMARTblog