Weekly Mortgage Market Update for 09-02-2016

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

 

 

For the Week Ending September 2, 2016

   
 

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

 

 

Consumers appear optimistic about the near term economic outlook, personal finance and jobs. Confidence readings rose to the highest level in nearly a year.

 

This week's jobs report could be a factor in the Fed's decision on when to raise policy rates. The Fed's next meeting to discuss rates is September 20-21.

 

Fed Chair Janet Yellen made comments that the case for a rate increase has strengthened recently. It's possible mortgage rates could react before Fed action.

 

Case-Shiller reported home price gains slowed a bit in June but were still above the 2-year average. The strongest gains of over 10% were in the Northwest.

 

Pending home sales continue to rise, despite tight inventory.Signed contracts to buy existing homes rose 1.3% to the second highest level in over a decade.

 

Private residential construction spending increased slightly in July. Also, June's reported decline of 0.6% was revised to be an increase of 0.9%.

 

 

My boss made me go into the office on Labor Day. Halfway through the day, he came in to check up on me and caught me having a beer.
He said to me, “You can’t drink while you’re working.”
I said, “Oh, don’t worry – I’m not working.”

 

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: 

Will the Fed move rates or not? And will rates move without Fed action? See what economists are saying in Markets in 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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