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Job Market's Fine
A SOFT LANDING THAT ULTIMATELY WILL CURB inflation? Reading between the government's numbers suggests there's plenty of reason to hope.
To be sure, the July employment report, released Friday, added a few grains of sand to the view that the job market is slowing. Judging from the recent weakness in the Mortgage Bankers Association figures on loan applications, the housing market is past its peak. And the "advance" estimate of gross domestic product in the second quarter showed that GDP growth had softened to 2.5%.
Chances are, then, that the Federal Reserve will refrain from any further hike in the ...
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Mortgage firm expands
The lender said Thursday that it's acquiring Greenwood Village- based Premier Mortgage Group for an undisclosed amount.
Cherry Creek Mortgage, also based in Greenwood Village, did about $1.7 billion in lending last year, both in new mortgages and refinancings, across 25 to 30 states, Vice Chairman Will Armstrong said.
With the addition of Premier Mortgage Group, which operates primarily in Colorado, Armstrong said he expects Cherry Creek Mortgage to surpass $2 billion in loans and crack the top 50 companies nationwide in production.
It's the second deal this year for Cherry Creek Mortgage; it added Chicago-based Majestic Mortgage in May.
Mortgage companies are coping with a drastic shift in their business. As interest rates rise, the refinancing market has evaporated.