Weekly Mortgage Market Update for Oct 3, 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 October 3, 2019

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

 

A recent string of disappointing economic data has caused stocks to plummet and bond yields to drop. When yields drop, mortgage rates generally improve.
The labor market, on track to add about 1.9 million jobs this year, could be faltering. It's the smallest jobs gain since 2010 and down 2.7 million from 2018.
Markets are now pricing in an October Fed policy rate cut, the 3rd in as many months. This speculation is helping mortgage rates improve.

 

The housing market may be a bright spot in a worrisome economy. The forecast for home sales is good due to rising demand and a projected uptick in inventory.
Single-level homes are making a comeback. One-story homes comprised 47% of new home construction in 2018, up from 45% in 2017.
Fannie Mae and Freddie Mac will be allowed to keep more earnings, a total of $45 billion moving forward, as an initial step toward exiting government control.

 

"Happiness is not something ready made. It comes from your own actions."
Dalai Lama

 

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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