As expected, Washington D.C. is going to look a lot different in 2018. On Monday Janet Yellen announced that she will be stepping down as chairwoman of the Federal Reserve upon the swearing in her successor, Jerome Powell in February. What does this mean for the rates? Nothing… the brains at Goldman Sachs and Capital Economics believe that regardless of who is the next Fed Chair… rates will be on the rise at least 4 times in 2018. Reuters published a good read on this topic last Sunday.
Additionally, with Mulvaney at the helm over at the CFPB (even if it’s an interim title) 2018 will bring some sort of change or loosening to both the CFPB and Dodd-Frank guidelines. What those changes will be specifically… who knows, but with comments from Mulvaney where he called the CFPB “one of the most offensive concepts I think, in a representative government,” I’m sure we’ll see a few shake ups.
Regardless of what does or doesn’t take shape in Washington D.C. during the new year, one thing is for sure… approximately $1.6 trillion dollars in home loans will be originated in 2018 and we’re excited to be a part of it here at Princeton Mortgage Wholesale!