Weekly Mortgage Market Update for August 8, 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 August 8, 2019

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

 

At the end of July, the Fed made its first policy rate cut since 2008. Over the following week, mortgage interest rates dropped to their lowest level since 2016.
President Trump announced a new round of tariffs on Chinese imports to start in September. Stocks plummeted and bonds rallied, pushing mortgage rates lower.
Weekly jobless claims fell last week, pointing to a strong labor market despite a slowing economy and deteriorating trade relations with China.

 

Fannie Mae's Home Purchase Sentiment Index hit a record high in July, showing consumer confidence. The HPSI reached 93.7, up 7.2 points over last year.
Mortgage applications rose 5.3% from the previous week and 46.5% over a year ago. Most of the increase was in refinance applications.
Home prices continued to rise in the 2nd quarter. The national median existing single-family home sales price was $279,600, up 4.3% from a year ago.

 

People say nothing is impossible, but I do nothing every day.
attributed to A.A. Milne, Winnie the Pooh

 

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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