Weekly Mortgage Market Update for August 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 August 3, 2018

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

 

The Fed elected to leave policy rates unchanged at this month's meeting, as was expected. Markets have already priced in 2 more rate hikes this year though.
Consumer spending increased solidly in June, helping drive the economy. Inflation also rose moderately, which could pressure rates higher in the future.
Although the labor market continues to show strength, the construction industry is struggling with labor shortages. Young job seekers just don't seem interested.

 

Home prices were up 6.4% for the year in May, supported by low rates and tight inventory. The pace of price increases is showing signs of slowing.
Pending home sales were down in June from the previous year as inventory continues to be an issue. However, sales were up 0.9% compared to May.
Construction spending recorded its biggest drop in more than a year in June. Homebuilding has been slowing due to rising material costs and labor shortages.

 

Anyone hiring? I had to quit my job as a can crusher... it was just soda pressing.

 

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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