Home prices rose faster from March to April than they ever have in the history of the index. The composite index of 20 metropolitan areas gained 2.6%, which included Detroit.
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The bond market rallied this morning. Investors sought safer assets amid speculation a credit squeeze in China will slow growth in the world’s second-largest economy.
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All should be quiet on the home front with no economic data scheduled to be released. It will be an opportunity to reevaluate what happened during the past week. Most economists believe the market has overreacted to the Fed’s announcement.
My internship at Quicken Loans has given me the opportunity to integrate the company’s guiding principles into my own life and consequently reap the benefits of personal growth.
Bonds are Treasuries tumbled and the MBS market was sent into a tailspin causing multiple re-prices late in the evening. The 30-year MBS best execution rate has risen to 4.25%, a rate not seen since 2011.
Investors are waiting for any indication that the central bank will slow the pace of bond purchases. Reports show inflation stayed below the Fed’s target and housing starts trailed the economist forecasts.
The last few weekends have been more busy than usual for Quicken Loans. First it was the Chevy Indy dual in Detroit presented by Quicken Loans that took place at Belle Isle the first weekend of June. Last weekend, the Quicken Loans 400 returned to Michigan International Speedway (MIS) for the second straight year.
MBS lost ground late yesterday as the market reacted to a Financial Times article claiming the Fed may end asset purchases sooner than later. The Dow Jones Industrial Average increased 103.59 points (0.69) while the Nasdaq also jumped 23.17 points (0.67). Also, the S&P 500 rose 8.16 points (0.50).
10-year yields fell from a 14-month high last week amid skepticism policy makers are moving toward reducing bond buying.