Weekly Mortgage Market Update for June 14, 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 June 14, 2018

 

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

 

 

As expected, the Fed raised policy rates a quarter percent at this week's meeting. The increase will likely have little impact on long-term mortgage rates.

The surprise came with the Fed's statement that two more rate hikes are likely this year. That's one more than initially projected.

Strong economic indicators support the rate changes. Jobless claims dropped 4K from last week, and last month's retail sales were higher than anticipated.

 

Median priced homes are flying off the shelves, so to speak. A recent industry analysis pinpointed the median listed-to-sale time frame at 64 days, a post-recession low.

A recent Fannie Mae survey found sellers more positive than buyers. Price increases paired with rising rates are tempering buyer attitudes.

CoreLogic reports the average U.S. homeowner gained $16,300 in home equity over the last year. Increased equity gives owners more flexibility in selling and financing.

 

 

The soldiers were exhausted after an extended time in drills, largely due to one soldier's consistent errors.Finally, the drill sergeant said, "All right! All you idiots fall out!"

 

As the rest of the relieved squad wandered away, the mistake-prone solder remained at attention. The drill instructor walked over, stood face-to-face, then raised a single eyebrow.

 

The soldier smiled and said, "Sure was a lot of 'em, huh, sir?"

 

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 many rate increases are we likely to see from the Fed this year? 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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