Weekly Mortgage Market Update for March 23rd 2018

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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 March 23, 2018

 

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

 

 

As expected, the Fed raised policy rates at this week's meeting. While they alluded to only two more hikes this year, rising inflation could necessitate more.

The institution of tariffs, most recently against China, can contribute to rising inflation by limiting free markets. Inflation fuels rising interest and mortgage rates.

After rising quickly early in the year, mortgage rates have stabilized. Nonetheless, further increases are expected through the rest of the year.

 

Existing home sales were up 3% in February, despite a chronic shortage of inventory. That's 1.1% higher than February 2017, showing strong demand.

Tight inventory, especially for homes in the lower price ranges, is the new normal. Housing inventory was down 8.1% from a year ago this time.

Along with interest rates, rents have been rising. A recent survey concluded that the largest 250 U.S. cities saw rents grow year over year by an average of 2.7%.

 

If you make something idiot proof, someone, somewhere will make a better idiot.

 

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 below.

Trade wars, Fed meeting, homebuyer surveys and more in this week's 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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