Weekly Mortgage Market Update for 09-16-2016

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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 16, 2016

   
 

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

 

 

Opinions vary on the likelihood of a Fed policy rate increase at next week's meeting. Markets are volatile as traders prepare for what they think will happen.

 

Central bank economic stimulus overseas has been helping U.S. bond yields remain low but is now waning. Higher bond yields could cause mortgage rates to increase.

 

A strong jobs report and firming inflation pressured rates and fueled volatility this week. On the flip side, retail sales slumped.

 

According to CoreLogic, 548,000 homeowners regained equity in Q2. That brings the percentage of homes in the U.S. with positive equity to almost 93%.

 

Foreclosure inventory continues to dwindle. CoreLogic reports that foreclosure inventory declined 29.1% in July, and was down 16.5% year-over-year.

 

Mortgage applications for purchase transactions were up 9%, signaling a stronger fall market ahead. Although up slightly, mortgage rates are still near record lows.

 

 

On this week's premiere of "Dancing With the Stars," two men rushed the stage as Olympic swimmer Ryan Lochte received his scores. Security stopped them within about 10 seconds, or as Lochte put it, "They kidnapped me, put a gun to my head, and dropped me off at the Grand Canyon!"

- Jimmy Fallon, "The Tonight Show"

 

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: 

Mixed economic signals lead to some rate volatility. Learn more about it here:

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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