Weekly Mortgage Market Update for February 28, 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 February 28, 2019

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

 

Economic growth in the 4th quarter was better than anticipated. Gross domestic product increased 2.6%, much higher than the 2.2% expectation.
Fed Chair Jerome Powell gave semi-annual testimony to Congress this week. He said the economy was healthy but cautioned about conflicting signals.
Jobless claims rose last week more than expected. The 225,000 claims reached a 10-month high, suggesting some slowing in the labor market.

 

According to Case-Shiller, annual home price gains moderated in December to a 4.7% pace. This is still near the long-term historical average of about 5.5%.
Pending home sales rebounded 4.6% in January over December. It's likely that a return to lower rates has already helped and will continue to support increases.
Housing starts fell to a 2-year low in December, as construction of both single- and multi-family housing declined. However, permits point to a coming rebound.

 

"If your ship doesn't come in, swim out to it."
Jonathan Winters

 

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 candiffer 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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