Weekly Mortgage Markets in a Minute for Sept 12, 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 12, 2019

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

 

Consumer borrowing was up $23.3 billion in July, the biggest monthly gain since Nov. 2017. The increase pushed total consumer credit to a record $4.1 trillion.
Despite forecasts of a looming recession for 2020, economic data and the labor market continue to show strength.
The Fed will meet next week. Last month's meeting produced the first policy rate cut in 10 years, and speculation continues now for a second.

 

Mortgage applications to purchase a home increased 5% last week and were 9% higher than the same week a year ago. Total application volume rose 2%.
Inventories grew tighter in August, strengthening competition in the market. However, median listing prices saw their largest July-to-August drop since 2012.
The Treasury released a plan last week to recapitalize mortgage giants Fannie Mae and Freddie Mac and to release them from government conservatorship.

 

"Superstition sets the whole world in flames, but philosophy douses them."
Voltaire

 

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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