Weekly Mortgage Market Update for July 6, 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 July 6, 2018

 

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

 

 

Manufacturing activity surged in June, as companies accelerated production in advance of expected tariffs.

Stocks continue to suffer as concerns remain about the effect of tariffs on trading. Apprehension about a trade war isn't helping mortgage rates much either.

The labor market appears to be near full strength, even as weekly jobless claims were up last week. The jobless rate is at an 18-year low of 3.8%.

 

Overall construction spending was up 4.5% year-over-year in June and 0.4% over May. For residential construction, spending was up 0.8%.

Single-family home construction spending was up 8.2% in June over the previous year. Multi-family housing spending was also up 4.2% year-over-year.

Millennials really do want to be homeowners. In a recent survey, 36% of the 500 respondents reported taking a second job to save for a down payment.

 

 

I used to be a banker, but then I lost interest.

 

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: 

There's lots of economic and housing news this week. Plus, find out what millennials are doing to purchase a home. 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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