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Purchase apps and jumbo loans on the rise! {Market Report} July 15th

Purchase apps and jumbo loans on the rise! {Market Report} July 15th
July 15, 2019 abryant

 

 

 

 

 

My brain cells, skin cells and hair cells continue to die, but my fat cells seem to have an eternal life.

I don’t have bad handwriting, I’m just using my own font.

Cats have 32 muscles in each ear, to help them ignore you.

That awkward moment when someone gets angry at you for clicking a pen, but you have to click it one more time to use it.

Research has shown that laughing for two minutes is just as healthy as a 20 minute jog. So now I’m sitting in the park laughing at all the joggers.

 

Now The Market Report . . .

 

Recent comments by Fed Chair Jerome Powell have markets speculating a 0.25% policy rate cut at this month’s FOMC meeting. Some traders think it may even be 0.50%.

Although the Fed doesn’t set mortgage rates, expectations of a Fed rate cut help keep rates low. Weak inflation data this week also could help keep rates low.

Sustained labor market strength could pressure rates higher by supporting an otherwise slowing economy. Jobless claims last week fell to a 3-month low.

 

Mortgage applications were down 2.4% last week, although purchase applications were up 2.0% for the week and are 5.5% higher year-over-year.

Home prices are increasing, and buyers aren’t shying away from supersized mortgages. Jumbo mortgages rose for the 6th straight month in June.

Total housing inventory at the end of May rose to 1.92 million, up 2.7% from a year ago. Unsold inventory was at a 4.3-month supply at the current sales pace.

 

“You never change your life until you step out of your comfort zone; change begins at the end of your comfort zone.”


Roy T. Bennett

 

This week’s potential market moving reports are:

 

Monday, July 15th:          No Major Report

Tuesday, July 16th:         Retail Sales, Industrial Production, Home Builders Index

 

Wednesday, July 17th:    MBA Mortgage Applications, Housing Starts, Building Permits

Thursday, July 18th:        Jobless Claims

Friday, July 19th:             Consumer Sentiment

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.