Mortgage News

The Markets In A Minute - June 10

June 10th, 2016

For the Week Ending June 10, 2016
 


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

 

 

Economists judge the likelihood of a Fed policy rate increase at next week's meeting to be about 4%. Mortgage rates may benefit if the Fed fails to take action. 
 
Wholesale inventories had their largest increase in 10 months. Rising inventories suggest a boost to economic growth and could contribute to higher rates. 
 
Although last week's non-farm payrolls data was weak, jobless claims continued to fall. Overall signs point to a strong labor market, also supportive of higher rates.
 

Purchase mortgage applications jumped 12% for the week, as buyer demand remains strong. Low mortgage rates continue to support the housing market.
 
Rising values mean fewer homeowners owe more than their homes are worth. Less than 13% of homes countrywide have negative equity, down from 31% in 2012.
 
Inventory continues to move quickly, with properties on the market for an average of 39 days in April. About 45% of properties were on the market less than a month.

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.