Weekly Mortgage Market Update for July 25, 2019

By
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 25, 2019

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

 

Expectations are that the Fed will cut policy rates at next week's FOMC meeting. There's speculation the cut will be anywhere from 0.25% to 0.50%.
While the Fed can adjust policy rates, it doesn't control mortgage rates. Still, the Fed cut should help to keep mortgage rates low overall.
Despite concerns of a global economic slowdown, stocks continue to reach new highs. Strong corporate earnings and cheap borrowing costs fuel the fire.

 

Existing home sales were down 1.7% in June, which was more than expected. Tight inventory continues to play a role in slowing down sales.
Sales of new single-family homes were up 4.5% year-over-year in June, with a monthly increase of 7.0%. A rebound in the western region of the U.S. led the charge.
The 5 most common home inspection issues involve the roof (19.7%), electrical (18.7%), windows (18.4%), gutters (16.9%) and plumbing (13.6%).

 

"Problems can't stop you. Obstacles can't stop you. Only you can stop you."
Unknown

 

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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