Weekly Mortgage Market Update for 09-09-2016

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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 9, 2016

   
 

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

 

 

Weak manufacturing reports pushed odds of a September Fed rate hike to a 3-week low. Previously, economists had put the probability of a hike near 55%.

 

Although a September hike is no longer considered likely, polls say the Fed may act in December. Expect the Fed to monitor economic data to make a decision.

 

The labor market remains strong, with jobless claims decreasing to the lowest level since July. A strong labor market is supportive of a possible Fed rate hike.

 

Increasing for the 3rd consecutive month, 34% of consumers polled say it is a good time to buy a home. However, only 15% said it was a good time to sell.

 

The strong labor market has home buyers feeling more secure than ever. More than 73% of those polled were not concerned with the possibility of losing their job.

 

The trend in new home construction is for more bedrooms. Homes with 3 or fewer bedrooms have decreased, while homes with 4 or 5 bedrooms have increased.

 

 

Luke comes home from his first day of school, and his mother asks, "What did you learn today?"

"Not enough," Luke replies. "They said I have to come back tomorrow!"

 

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: 

 

Probability of a rate hike, consumer opinions on buying and selling, and more. It will only take a minute to see what's up!

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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