Mortgage News

The Markets In A Minute - June 3

June 3rd, 2016

For the Week Ending June 3, 2016
 


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

 

 

Comments from Fed Chair Janet Yellen signal a Fed policy rate increase is possible as soon as this month. Rates may rise along with expectations.
 
However, global concern that Britain may leave the European Union is helping. Traders are seeking safety in bonds, supporting lower rates.
 
Oil prices, a driving factor in rates this year, have risen recently but are capping out around $50 a barrel. If oil continues to rise, it could contribute to higher rates.
 

Construction spending was down in April 1.8%, but March data was revised up 1.5%. Overall though, spending remains strong, increasing 4.5% vs. April of 2015.
 
Home price appreciation remained strong in March, nearing 2006 record highs. Price gains are supported by limited inventory and continued low mortgage rates.
 
Regardless of rising prices, 1 in 3 Americans surveyed say it is a good time to buy a home. An all-time high of 15% of those surveyed say it is a good time to sell.

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.

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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