Weekly Mortgage Market Update for September 27, 2018

Mortgage and Lending with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035
For the Week Ending September 28, 2018

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


The Fed met this week and raised policy rates 0.25%. This rate increase did not cause mortgage rates to rise though, as they are not tied directly together.
The Fed is expected to hike policy rates again in December and 3 more times in 2019. Strong employment and increasing inflation would support these hikes.
Unemployment filings were up last week, mainly due to states hit by Hurricane Florence. However, the national figure remains near a five decade low.


Home prices are still rising, albeit at a slower pace. Case-Shiller shows prices rose 6% annually in July, down from 6.2% in June.
Pending home sales were down slightly in August for the 4th month. Tight inventory, rising rates and increased prices are being blamed for hampering sales.
New home sales rebounded in August after 2 months of declines. However, rising borrowing costs and increasing home prices could temper further improvement.


What happens if life gives you melons? You might be dyslexic.


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 can differ 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

VA, Jumbo, FHA & Conv Direct Lender (760) 752-4480
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