Weekly Mortgage Market Update for November 30, 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 November 30, 2018

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

 

Recent comments by Fed Chair Jerome Powell have markets questioning if we'll see policy rate increases in 2019, which could be good for mortgage rates.
Consumer spending increased by the most in 7 months in October. But underlying price pressures slowed, meaning inflation is less of a concern.
The economy grew 3.5% in the 3rd quarter, lower than the 2nd quarter's 4.2% expansion. Still, corporate profits reached a 6-year high.

 

Despite moderation, September's annual home price gains remain strong at 5.5%, as reported by Case-Shiller.
October's pending home sales dropped 2.6% from the previous month. Sales were down 6.7% compared with October 2017, for the 10th month of annual declines.
New home sales also fell in October. However, data last week showed an increase in building activity. A larger supply of available homes could bring more sales.

 

"Get your facts first, then you can distort them as you please."

- Mark Twain

 

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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