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I hope you didn’t blink! If you did, you might have missed summer, it was a quick one. Schools are back in session on the Outer Banks and fall is in the air. Fall is our favorite time of year on the Outer Banks, the weather is typically divine and we can enjoy less crowded roads and restaurants. There are so many wonderful events taking place this fall, be sure to take a look at the events calendar I am including for you. You will also want to check out the beautiful, wide beaches we acquired over the summer through beach nourishment. Dredging went quickly and visitor disruption was minimal for the most part.
If you didn’t get a chance to check out the new H2OBX water park this summer, be sure to add it to your summer of 2018 bucket list. Monday, September 4th is the last day for the season. It was a huge success among visitors and many locals. My boys enjoyed no less than 10 days there with their season passes. It was not crowed, parking was easy, and the water attractions were a big hit. We give it a big thumbs up!
Dare County has passed “The Brunch Bill”. In the past, alcohol sales were not permitted until after noon on Sundays. With the new law, alcohol sales will be allowed beginning at 10am. If you enjoy a bloody Mary or mimosa with brunch on Sunday this is good news.
For several years now sellers and brokers have had mixed feelings about Zillow. Information, pictures, and the famous Zestimate have sometimes been inaccurate and frustrating. The Outer Banks Board of Realtors has now voted to discontinue the data feed to Zillow. Hopefully, this will minimize inaccurate information about seller’s properties getting out into the public and help us to more accurately portray the property.
Mortgage News from Town Bank Mortgage
With little fresh news from global central bankers last week, the economic data was the primary influence on mortgage rates. Some reports were positive and some were negative. The net effect was that mortgage rates ended the month slightly lower.
The Fed’s target level for inflation is an annual rate of 2.0%. Last Tuesday’s release of the core PCE price index, the inflation indicator favored by the Fed, revealed that inflation remains well below this level. In June, core PCE was just 1.5% higher than a year ago, which was the same annual rate as in May. Low inflation is good for mortgage rates, and so rates improved.
Aside from the Employment data, one of the most highly anticipated reports each month covers the services sector,
which represents more than 75% of the jobs in the U.S. Slower than expected growth in this sector caused mortgage rates to fall. The July ISM Services index dropped to 53.9, well below the consensus, and the lowest level since August 2016.
Mortgage rates rose in previous weeks following the release of modestly stronger than expected Employment data. Against a consensus forecast of 180K, the economy added 209K jobs in July. Strength was seen in health care, business services, and leisure and hospitality. The unemployment rate declined from 4.4% to 4.3%, which matched May’s reading at the lowest level since 2001.