June Lending Market Snapshot:
Hello and welcome to our June Mortgage Market review!
Mortgage Bonds are pushing higher above resistance thanks to volatility in Stocks. Some big news helping Bonds … reports surfaced that China stands ready to purchase more U.S. Treasuries. With the Fed positioning itself to start unwinding its $4T balance sheet, having a buyer like China come back in is a big deal. On the news, the yield on the 10-year T Note slid lower to 2.13%, a seven-month low!
West Texas Intermediate (WTI) oil falls further from the $50/barrel mark on concerns that diplomatic tensions between Qatar and several Arab states could undermine efforts by OPEC to reduce production. WTI oil is at $47.26/barrel, -$0.14. Despite 138,000 net new May jobs and downward revisions to March and April, US job growth is solid and well above the level needed to absorb new job entrants. To wit, the unemployment rate fell to 4.3%, the lowest rate since 5/01. But weak wage growth and weak inflationary pressures suggest that the unemployment rate can fall further, thus potentially allowing the Fed to leisurely raise rates.
All in all, our buyers have been able to continue to take advantage of historically low rates across Conventional, FHA, and VA financing products! With abilities to lock rates for 90 days and as long as 180 days – we can secure your interest rates on homes even while under construction. Please feel free to touch base with any questions at all; enjoy the warm weather!
Ryan Schmidt is a state and nationally licensed mortgage loan officer that has worked with many of our clients throughout the years and has helped hundreds of buyers reach their homeownership goals.
While you can choose to work with any lender you like, we highly recommend Ryan based on the following:
- Incredibly Responsive – Ryan realizes that your time is valuable, so he is available 24 hours a day, 7 days a week
- Lending Knowledge and Expertise – he takes each and every day as a new opportunity to learn the market, review the latest guidelines, and find new ways to improve your options
- Reliable Support Team – working as a boutique style lender, with numerous sources of funds (including portfolio products), all operations are completed in house, in one office with the same 10 team members every time to guarantee dependable results
- Transparency – As a six year military veteran – Staff Sergeant of the Virginia Air National Guard, as well as a graduate of the Virginia Military Institute – there will always be transparency when working with Ryan. His motto is “no false hope, empty promises, my word is my bond. No excuses, just getting the job done as advertised.”
He and his team pledge to work diligently in your behalf and would consider it an honor to gain the opportunity to earn your business.