Weekly Mortgage Market Update for August 29, 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 August 29, 2019

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

 

Consumer confidence retreated a bit in August. However, it remained strong overall, offsetting a weakening in the outlook on economic conditions.
Second quarter economic growth was revised down to 2% from 2.1%, in line with expectations. The economy grew at a 3.1% rate in the January-March quarter.
The number of applications for unemployment benefits rose only slightly last week, pointing to sustained labor market strength despite slowing economic growth.

 

New home sales sank more than expected in July. Builders continue to face challenges, including land and labor shortages and higher material costs.
Pending home sales were also down slightly in July. However, this result came after 2 months of sales gains and is likely due to lack of inventory.
Home prices are still gaining nationally and rose 3.1% annually in June. Sustained low mortgage rates could help continue to drive prices higher.

 

"Tough times never last, but tough people do."
Robert Schuller

 

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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