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Weekly Mortgage Market Update

By Brian Skaar

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

June 14, 2016 05:36 AM

For the Week Ending June 10, 2016

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

Economists judge the likelihood of a Fed policy rate increase at next week's meeting to be about 4%. Mortgage rates may benefit if the Fed fails to take action.

Wholesale inventories had their largest increase in 10 months. Rising inventories suggest a boost to economic growth and could contribute to higher rates.

Although last week's non-farm payrolls data was weak, jobless claims continued to fall. Overall signs point to a strong labor market, alsosupportive of higher rates.

Purchase mortgage applications jumped 12% for the week, as buyer demand remains strong. Low mortgage rates continue to support the housing market.

Rising values mean fewer homeowners owe more than their homesare worth. Less than 13% of homes countrywide have negative equity, down from 31% in 2012.

Inventory continues to move quickly, with properties on the market for an average of 39 days in April. About 45% of properties were on the market less than a month.

This morning a man knocked on my door and asked for a small donation toward the town swimming pool. Being the generous type, I gave him a glass of water.

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.