Weekly Mortgage Market Update for June 8, 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 June 8, 2018

 

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

 

 

June's Federal Open Market Committee (FOMC) meeting is next Wednesday. The Fed is widely expected to raise policy rates by 0.250% at this meeting.

Mortgage rates have already factored in a Fed rate increase. However, rates are creeping up after geopolitical tensions in Italy have dissipated.

The European Central Bank also meets next week. If the ECB announces plans to reduce stimulus, rates could be pressured slightly higher.

 

Volatility in mortgage rates from geopolitical tensions helped push rates lower last week. Mortgage purchase applications rose 4.1% week-over-week.

Freddie Mac reports that 46% of first-quarter purchase mortgages were to first-time buyers. This marks the largest share recorded, dating back to 2012.

Homes in lower price ranges are appreciating faster than more expensive homes. Prices rose 9.3% year-over-year for homes priced 75% or less of the median.

 

 

Want to hear a pizza joke? Nah, it's too cheesy...

 

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: 

How is the world impacting interest rates at home? Find out here. It will only take 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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