Weekly Mortgage Market update for Oct 24, 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 24, 2019

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

 

September's factory orders for big-ticket manufactured goods tumbled by the largest amount in 4 months, indicating continuing struggles in the industry.
Stocks improved this week as corporate earnings results helped investors shrug off signs that global growth is losing momentum.
Despite an overall slowing economy, jobless claims fell last week. A strong labor market boosts consumer confidence and the economy.

 

The FHFA reports home prices rose 0.2% in August from July and were up 4.6% year-over-year.
New home sales fell 0.7% in September, as low inventories continue to weigh on sales. The median new home price is $299,400, an 8.8% drop from a year ago.
The latest housing trend is backyard "accessory dwelling units," small second homes used for rentals or additional guest living space.

 

"When tempted to fight fire with fire, remember that the fire department usually uses water."
Author Unknown

 

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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