Weekly Mortgage Market Update for 09-30-2016

By
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 30, 2016

   
 

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

Signaling an improving economy, 2nd quarter gross domestic product expanded at a 1.4% rate. The Fed will consider this when making policy rate decisions.

 

The labor market also is continuing to show strength. Jobless claims rose slightly, but less than expected, and remained below the 300,000 mark for the 82nd time.

 

In testimony to Congress this week, Fed Chair Janet Yellen said a Fed increase to policy rates is still likely for this year. The strong data supports that action.

 

August new home sales were higher than expected, and July's number was also increased. Strong demand for new homes continues to keep inventory in tight supply.

 

Signed contracts to buy existing homes were down slightly in August. However, the slight reduction was blamed on lack of supply, not on lack of demand.

 

One positive effect of tight inventory is that home prices continue to appreciate. Prices are rising at a rate of about 5% annually nationwide.

When pumpkin spice is taken too far:

 

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: 

There's good economic news and more about the tight housing supply this week. Learn 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. 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Tags:
weekly mortgage market update
brian skaars weekly mortgage market update

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
604,267

Brian Skaar

VA, Jumbo, FHA & Conv Direct Lender (760) 752-4480
Let's get started:
*
*
*
*
Spam prevention

Additional Information