Weekly Mortgage Market update for Sept 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 September 5, 2019

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

 

The August ISM manufacturing index fell to 49.1%, the lowest reading in 3+ years. A reading below 50% indicates contraction in manufacturing activity.
Private payrolls rose more than anticipated, according to ADP. The private sector added 195,000 jobs in August, better than the expected 149,000 increase.
The economy grew at a modest pace in July and August. A majority of businesses report being optimistic, and consumer spending increased solidly.

 

Construction spending grew slightly in July, by 0.1% over the revised June estimate. Residential construction spending rose 0.6% from the previous month.
Millennials are jumping into homeownership in larger numbers, driving up home prices as inventory remains an issue, according to a recent CoreLogic report.
Home inventory for sale at the end of July was nearly 2% lower than a year ago. In July there was a 4.2-month supply of homes for sale, according to NAR.

 

"Look in the mirror. That's your competition."
Eric Thomas

 

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.


Click here for 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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