Weekly Mortgage Market Update for October 19, 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 19, 2018

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

 

Minutes from last month's Fed FOMC meeting showed officials broadly agreed on raising interest rates further. The next anticipated rate hike is in December.
Retail sales rose slightly in September. Consumer spending ended the 3rd quarter with strong momentum and should boost further economic growth.
Jobless claims dropped last week, suggesting a further tightening in the labor market. Americans on jobless rolls fell to the lowest levels seen since 1973.

 

Homebuilder sentiment improved in October as lumber prices fell. Builders still struggle with labor shortages but are generally optimistic.
Housing starts fell slightly more than expected in September. However, most of the drop is in the South and is likely due to Hurricane Florence.
Mortgage applications continued to drop from the previous week, though purchase applications were still 2.5% higher year-over-year.

 

Last week I quit my job at the helium gas factory. I simply refuse to be talked to in that tone of voice.

 

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

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