Home > Blogs > Brian Skaar > The Government Loan Pro's - VA, VA Jumbo, FHA, Conventional, & Jumbo Lender

Weekly Mortgage Market Update for 7-01-2016

By Brian Skaar

Mortgage and Lending with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035

June 30, 2016 04:32 AM

For the Week Ending July 1, 2016

Please enjoy this quick update on what happened this week in the housing and financial markets.

Britain's vote to leave the European Union (Brexit) continued to shock markets. Traders seeking safety placed money into U.S. bonds, contributing to lower rates.

Although indications point to the economy gaining momentum in Q2, global events could make Q3 growth unlikely. A slowing economy would support lower rates.

Expectations of a Fed rate increase have disappeared, and traders are now talking about a possible rate cut. Rate cut speculation is good for mortgage rates.

Case-Shiller reports that home prices are still rising, with a 5.4% increase year-over-year in April. Strong employment and low rates continue to be factors.

Pending home sales were down slightly, the first annual drop in 2 years. However, the drop is blamed on tight inventory rather than a lack of demand in the market.

Fannie Mae reports that serious delinquencies were at 1.38% in May, the lowest level since 2008. The normal delinquency rate historically is below 1%.

How come there's no knock-knock jokes about America?

Because freedom rings.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends candiffer from our own and are subject to change at any time.

Here is the Video version of this information:

Find out about home sales, predictions for a Fed move on interest rates, and more, all in about a minute!

If you have any questions on the market, loan qualification, or just want to get started on your loan, click the button below to get started online, or give me a call at 866-900-2342 toll free direct.