Weekly Mortgage Market Update for Oct 17, 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 17, 2019

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

 

Retail sales declined unexpectedly in September, the first time in 7 months. The report could signal the economy is softening, possibly helping keep rates low.
A Phase I trade deal with China was agreed upon, though not yet signed. A finalized deal would eliminate some of the economic uncertainty that has contributed to lower rates.
Jobless claims rose marginally last week, suggesting the labor market remains strong despite an overall slowdown in hiring and prospects of a weaker economy.

 

Home builder confidence surged to the highest level in nearly 2 years in October, attributed mainly to lower mortgage rates bringing in buyers and boosting sales.
Although housing starts fell 9% in Sept., a surge in permits suggests the decline is just a brief pause. Single-family construction rose for the 4th straight month.
The housing market was the bright spot in the Fed's monthly economic snapshot. The Fed also noted that tight inventory is placing a strain on home sales.

 

"Go as far as you can see; when you get there, you'll be able to see further."
Thomas Carlyle

 

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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