Weekly Mortgage Market Update for March 30, 2018

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 March 29, 2018

 

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

 

 

Although a short week for markets, there was lots of economic data to digest. The week overall was positive for rates, helping to rebound from recent highs.

Consumer spending rose marginally for the 2nd straight month in February. The PCE data suggests a moderation in inflation after prices pushed higher in Jan.

The labor market appears to be near full strength as jobless claims came in lower than expected. This is the 95th straight week claims were below 300,000.

 

New home sales were down in February but are trending up. Although down month-over-month, February's numbers were 0.5% higher than a year ago.

Rates have stabilized, and loan applications increased 4.8% last week. Purchase apps increased 3.1% week-over-week and were 8.2% higher than a year ago.

Pending home sales were up 3.1% in February, although down slightly from last year. Demand remains strong, but inventory levels continue to be an issue.

  

Can February March? No, but April May!

 

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: 

Here's your weekly rate and housing news. Enjoy!

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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