Weekly Mortgage Market Update for December 20, 2018

By
Mortgage and Lending with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035
 
For the Week Ending December 20, 2018

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

 

The Fed raised policy rates this week, but lowered the number of expected rate increases for 2019. Mortgage rates were basically unaffected by this rate hike.
Stocks have been routed and fears over a slowing economy have taken over. As investors seek safety in bonds, this has helped mortgage rates improve.
The labor market remains strong though, as jobless claims were only up slightly from the previous week's near 49-year low. Claims were at 214,000 for last week.

 

Home builder confidence was down slightly in December from November. But indications are still that more builders view sales conditions as good than poor.
New home starts rebounded in November, driven by a surge in multi-family housing. However, single-family housing starts were down to a 1-1/2 year low.
Existing home sales rose unexpectedly in November. Although sales are down 2.3% in the first 11 months over last year, they've increased for 2 months in a row.

 

"Life is 10% what happens to you and 90% how you react to it."

Charles R. Swindoll

 

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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