|For the Week Ending June 14, 2019|
Please enjoy this quick update on what happened this week in the housing and financial markets.
|Both wholesale and consumer inflation data came in as expected this week, showing inflation is not a concern to pressure rates higher in the near future.|
|The Fed meets next week for its FOMC meeting. No rate changes are expected, but investors will be looking for signs of rate cuts to come in July.|
|The labor market appears to be losing steam. Last week's jobs data came in weaker than expected, and jobless claims also rose unexpectedly last week.|
|Mortgage applications surged last week as rates dropped. Applications were up 26.8% in just one week, and volume was 41% higher year-over-year.|
|Refinances led the application surge, jumping a remarkable 47% week-to-week. Purchase applications increased 10% weekly and annually.|
|Due to tax reforms, renters paid an average of $2,716 less in taxes last year, making it easier to save toward a possible down payment on a home.|
"We may encounter many defeats, but we must not be defeated."
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.