Weekly Mortgage Market Update for May 16, 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 16, 2019

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

 

Trade tensions with China increased this week, causing stocks to fall and bonds to improve. The shift in bond prices helped move mortgage rates down slightly.
After a big jump in March, retail sales declined 0.2% in April as consumers cut back spending on clothes, appliances, and home & garden supplies.
Jobless claims fell more than expected last week, pointing to sustained labor market strength that should help underpin the economy if growth slows.

 

According to the NAHB monthly index, builder confidence for newly built single-family homes rose in May. It was the highest reading since October 2018.
Housing starts increased more than expected in April. Data suggests declining mortgage rates are providing further support to the housing market.
Home building's future is also looking good, with building permits rising 0.6% in April. Permits had been in decline for the previous 3 months.

 

"A lot of people do not recognize opportunity because it usually goes around wearing overalls looking like hard work."
Thomas A. Edison

 

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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