Weekly Mortgage Market Update for April 19, 2018

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 April 19, 2018

 

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

 

 

The labor market continues to show strength, with unemployment of 4.1% nearing the Fed goal of 3.8%. Jobless claims this week were down to 232K.

Members of the Fed have expressed expectations that inflation will continue to rise this year. Higher inflation will likely contribute to higher mortgage rates.

After 3 months of declines, retail sales were up in March. The increase was fueled by auto sales and big-ticket household purchases.

 

March housing starts were up even more than expected. The increase included a rebound in multi-family home construction.

Although confidence among builders dropped slightly in April, the confidence index remains in solid territory. Buyer demand for new housing is still strong.

Spring has sprung for mortgage demand. Total mortgage applications were up 4.9% for the week, and purchase applications were up 10% over a year ago.

 

 

Today a man knocked on my door and asked for a small donation toward the local swimming pool. I gave him a glass of water.

 

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:

Spring has sprung for purchase mortgage apps. Check it out!

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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