Weekly Mortgage Market Update for May 19, 2017

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

For the Week Ending May 19, 2017

 

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

 

 

Stocks plummeted and bonds rallied after events in Washington, D.C., spooked investors. The rally in bonds has helped to improve mortgage rates.

The investigations into Trump's recent activities have occupied investors' attention. Other factors, such as possible Fed rate hikes, have taken a back seat.

The labor market appears to be near full strength as jobless claims came in at a 28-1/2-year low. This is the 115th straight week claims were below 300,000.

 

Home builders showed the highest confidence in the housing market since June 2005. The NAHB index reached 71 in May, as home supply remains tight.

Housing starts were down slightly in April, but building of single-family homes was up 0.4%. Labor and material shortages could be to blame.

Builders are struggling to meet demand of lower-priced starter homes. Higher costs for labor, land and materials make it more expensive to build homes.

 

 

Why did the scarecrow get a raise?

He was outstanding in his field.

 

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: 

You may not like politics right now, but mortgage rates do! Learn more here. It will only take a minute!

Learn more about both in this week's Markets in 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. 

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Brian Skaar

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