Weekly Mortgage Market Update for May 3, 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 May 3, 2018

 

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

 

 

The PCE index, the Fed's preferred inflation barometer, rose to 2% year-over-year in March. This is the biggest jump since Feb '17 and could pressure rates.

The Fed voted unanimously not to raise policy rates at this month's FOMC meeting. However, they are expected to raise rates at the next meeting in June.

The labor market shows no signs of slowing, as new applications for unemployment benefits last week fell to the lowest level since 1973.

 

Pending home sales were down 3% year-over-year in March, the 3rd straight month of annual declines. However, sales were up 0.4% compared to February.

Increases in mortgage rates saw applications to buy a home drop 2% last week. However, purchase applications were still 5% higher than a year ago.

Rising raw material costs are another way that inflationary pressures are starting to affect housing. Spending on new housing projects fell slightly in March.

 

Why did the scarecrow win an award?

Because he was outstanding in his field.

 

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: 

No policy rate changes in May. What's expected in June? Find out 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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Brian Skaar

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