Weekly Mortgage Market Update for January 11, 2019

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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 January 11, 2019

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

 

The government shutdown, in its third week, hasn't yet shown signs of affecting the economy. However, it has impacted some mortgage programs like USDA.
After a dismal December, stocks are rebounding, helped in part by progress in U.S./China trade talks. These improvements have pressured mortgage rates.
Although recent concerns about the economy have surfaced, the job market remains strong. Jobless claims fell more than expected last week to 216,000.

 

The recent drop in mortgage rates has sparked a jump in applications. Mortgage applications were up 23.5% from the previous week.
Just over 10% of agents surveyed by NAR said the shutdown was having an impact on their clients. Gov't and non-gov't employees alike have been affected.
More first-time buyers are turning to their parents for help with down payments. A recent HUD report shows 26% of FHA borrowers got assistance from a relative.

 

"Study the past if you would divine the future."
Confucius

 

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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