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Weekly Mortgage Market Update for 6-24-2016

By Brian Skaar

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

June 23, 2016 07:02 AM

For the Week Ending June 24, 2016

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

Stocks have rallied globally this week in anticipation of Britain staying in the EU. However, actual results of Britain's referendum will not be known until Friday.

The Fed has been cautious to increase rates due to a possible "Brexit" and hiring slowdown. However, at a 42-year low, jobless claims this week showed strength.

As stocks rally and traders no longer seek safety in bonds, mortgage bond pricing could suffer. If mortgage bonds lose value, mortgage rates could creep up.

Existing home sales rose to a nine-year high in May. The housing market has been supported by low mortgage rates and a strong labor market.

However, despite rising for 3 straight months, existing home sales remain constrained by inventory. Strong demand continues to drive home prices higher.

Homebuyers struggling to find their dream homes because of limited inventory are buying and renovating instead. Over 25% of renovations are by new homeowners.

My boss asked me to start my next meeting presentation with a joke, so I put my paystub on the first slide.

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.