Weekly Mortgage Market Update for May 30, 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 30, 2019
 

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

 

Economic growth in Q1 accelerated, but momentum is slowing. Inflation pressures were much weaker than initially thought, supporting lower rates.
Consumer confidence rose in May to its highest level since December 2000, thanks in large part to a healthy job market and rising wages.
However, concerns over a slowing economy and inverted bond yield curves have economists speculating that we could see a recession in the upcoming year.

 

According to the FHFA, home prices rose 5.1% in Q1 from a year earlier. This is slower growth than in recent years but still a historically healthy pace.
Case Shiller also reported home prices rising at a slower pace, despite falling mortgage rates. This is good news, though, for buyers entering the market.
Pending home sales fell unexpectedly in April. Compared to a year ago, sales were down 2.0%, marking the 16th straight month of annual decreases.

 

"I will love the light for it shows me the way,
yet I will endure the darkness for it shows me the stars."

Og Mandino

 

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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