Weekly Mortgage Market Update for July 5, 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 July 5, 2019

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

 

A gauge of U.S. service industries dropped to its weakest level in almost 2 years, led by a cooling in employment that may temper labor market optimism.
ADP reported private payrolls rose only 102,000 in June, missing expectations. Weakness in the labor market could support a Fed rate cut later this month.
The 4th of July holiday week is typically marked by low trading volume, as markets close and traders take time off.

 

A recent report found 83% of potential buyers citing student loans as impacting affordability. This is delaying purchases by an average of 7 years.
CoreLogic's May Home Price Index shows a 3.6% year-over-year increase. Home values are growing fastest in lower price tiers.
Thanks to lower rates and slower price hikes, purchase mortgage applications are on the rise. This may soon indicate a reversal in declining home sales.

 

"I know not what course others may take;
but as for me, give me liberty, or give me death!"
Patrick Henry

 

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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