Weekly Mortgage Market Update for July 12, 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 July 12, 2018

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

 

Consumer prices barely rose in June, but the underlying trend points to inflation. Rising inflation will likely lead to more Fed rate increases and higher rates.
Producer prices rose more than expected in June, another factor pointing to inflation. This jump was the largest annual increase in 6-1/2 years.
Although trade war concerns have escalated, there's not a lot of fear that this will hurt the economy. In the meantime, mortgage rates have remained stable.

 

Homeowners have an estimated $5.8 trillion in accessible equity, the highest ever recorded. Despite this, fewer owners are taking cash out than in previous eras.
Inventory remains tight, but could loosen up a bit in the near future. Inventory increased 12.2% in the 2nd quarter, the biggest gain since early 2015.
Although refinance applications were down last week, purchase applications rose 7% for the week and were 8% higher than the same week a year ago.

 

What does Jason Vorhees have for dessert on Friday the 13th?

I-Scream.

 

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 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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