Weekly Mortgage Market Update for October 11, 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 October 11, 2018

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

 

The weekly rate change was small, yet mortgage rates continued to creep up as 10-year Treasury bond yields hit a 7-year high. Rising bond yields pressure mortgage rates higher.
Along with a growing economy, inflation puts upward pressure on rates. Core wholesale inflation (stripping out food and energy prices) rose slightly in September.
The labor market continues to show strength, despite jobless claims coming in higher than expected last week. Claims still remain near a 49-year low.

 

Although mortgage rates have risen, applications still remain strong. Purchase applications were down 1% over the previous week but 2% higher over last year.
CoreLogic shows that loans 30 days or more past due dropped from 4.3% to 4.1%. Seriously delinquent loans also dropped from 1.7% to 1.6%.
Home inventory is showing signs of improving in different markets across the nation. More inventory could help offset rising mortgage rates to improve sales.

 

I once worked as a salesman and was very independent. I took orders from no one.

 

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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