Weekly Mortgage Market Update for Sept 26, 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 27, 2019

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

 

Consumer confidence fell sharply in September, the biggest drop in 9 months. The escalation in trade tensions with China may have contributed to the decline.
U.S. business investment contracted more sharply than estimated in the 2nd qtr. The data cast a shadow on the economy, increasing concerns of a recession.
Jobless claims increased to a 3-week high of 213,000. However, the 4-week average, a less volatile measure, fell to 212,000, the lowest since July.

 

According to the FHFA, July's single-family home prices came in 5% higher than the previous year. The increase marked slower but still strong growth.
Pending home sales were up in August, 1.6% over July and 2.5% year-over-year. Lack of available inventory is still being blamed for holding back sales.
New-home sales rebounded 7% in August over July, flirting with a 12-year high, and were up 18% year-over-year. Low mortgage rates likely played a role.

 

"The past always looks better than it was. It's only pleasant because it isn't here."
Finley Peter Dunne

 

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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