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Market Commentary – 9/2/16

Posted on September 2, 2016 by Damon Germanides

As with each new month, all eyes were on the August Jobs Report, which came in lower than expected with 151,000 new jobs created versus expectations of 180,000 new jobs. The unemployment rate remained at 4.90% and the Labor Force Participation (the amount of people actually in the labor force as % of population) held steady at 62.80%.

This probably means no rate hike announcement at the next Fed meeting. One wonders how many more times the Fed will talk up a rate hike only to be disappointed by a lackluster economic report.

With the 10-year U.S. Treasury Bond trading a touch above 1.600%, we are biased toward floating interest rates at these levels ever so cautiously.

Have a great Labor Day Weekend!

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These are the opinions of the author. For financial advice, please talk to your CPA or financial professional.

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(2) Disclosures

(1) Minimum FICO, reserve, and other requirements apply. Contact your loan officer for additional program guidelines, restrictions, and eligibility requirements. Rates, points, APRs and programs are subject to change without notice. Actual closing times will vary based on borrower qualiﬁcations and loan terms. All loans are subject to credit approval. (2) “Loan to Cost” (LTC) is defined as the acquisition price of the property plus the cost to build as determined by a bank appraisal. Contact your loan officer for additional program guidelines, restrictions, and eligibility requirements. (3) With an interest-only mortgage payment, you will not pay down the loan's principal balance during the interest-only period. Once the interest-only period ends, your payments will increase to pay back the principal and interest. Rates are subject to increase over the life of the loan. Contact your Insignia Mortgage, Inc. loan officer to determine what your payments might be once the interest-only period ends. (4) With an adjustable rate mortgage (ARM), the loan payment will adjust after an initial period and then adjust on a regular basis as set forth in the loan documents. For example, a “3/1” loan will have an interest adjustment 3 years after the loan closes and every 12 months thereafter. Also, the loan will be subject to annual and lifetime adjustment caps. Contact your Insignia Mortgage loan officer to determine what your payments might be once the fixed rate period of the loan ends. (5) Insignia Mortgage, Inc., is a real estate broker licensed by the CA Bureau of Real Estate, DRE #01969620, NMLS #1277691.