Weekly Mortgage Market update for May 2, 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 May 2, 2019

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

 

The Fed's preferred inflation gauge, the core personal consumption expenditures index, was flat for the month of March and up only 1.6% year-over-year.
The lack of inflation helped the Fed keep policy rates unchanged this week at their FOMC meeting. Speculation is that we won't see a rate increase this year.
Unemployment applications remained at higher levels last week, leaving the forecast rate at 3.8% for the month of April.

 

Thanks in part to a recent dip in mortgage rates, pending home sales jumped 3.8% in March. However, sales were down 1.2% compared to March of 2018.
Home prices are still rising, but at a slower rate in February than in January. Prices rose 4% year-over-year in February compared to 4.2% in January.
Luxury home sales appear to be in a bit of a slump. Sales of homes listed at $2 million and above fell 16% in the first quarter as supply rose 14%.

 

"Practice does not make perfect. Only perfect practice makes perfect."
Vince Lombardi

 

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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