Weekly Mortgage Market Update for October 25, 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 25, 2018

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

 

This week's stock rout drove some traders to seek safety in bonds, causing mortgage bonds to perform well and helping to stabilize rates.
Orders to U.S. factories for big-ticket manufactured goods slowed in September. However, they were still up 0.8% from August, pointing to economic growth.
Although new applications for unemployment aid rose last week, the number of people receiving benefits fell to a 45-year low, signaling labor market tightening.

 

New home sales dropped 5.5% to a near 2-year low in September. However, numbers were likely affected by Hurricane Florence and could be skewed.
September's pending home sales were slightly lower than a year ago but were up 0.5% over August. Affordability continues to weigh on buyers.
Mortgage applications rose 4.9% from the previous week. Purchase apps rose 2% for the week and were basically flat compared to a year ago.

 

I'm trying to date a philosophy professor, but she doesn't even know if I exist or not.

 

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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