Weekly Mortgage Market Update for July 11, 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 11, 2019

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

 

Recent comments by Fed Chair Jerome Powell have markets speculating a 0.25% policy rate cut at this month's FOMC meeting. Some traders think it may even be 0.50%.
Although the Fed doesn't set mortgage rates, expectations of a Fed rate cut help keep rates low. Weak inflation data this week also could help keep rates low.
Sustained labor market strength could pressure rates higher by supporting an otherwise slowing economy. Jobless claims last week fell to a 3-month low.

 

Mortgage applications were down 2.4% last week, although purchase applications were up 2.0% for the week and are 5.5% higher year-over-year.
Home prices are increasing, and buyers aren't shying away from supersized mortgages. Jumbo mortgages rose for the 6th straight month in June.
Total housing inventory at the end of May rose to 1.92 million, up 2.7% from a year ago. Unsold inventory was at a 4.3-month supply at the current sales pace.

 

"You never change your life until you step out of your comfort zone; change begins at the end of your comfort zone."
Roy T. Bennett

 

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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