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Thursday’s European Central Bank (ECB) meeting was viewed as negative for U.S. mortgage rates. The economic data released this week had little impact. As a result, mortgage rates ended the week a little higher.

Our experience with Peninsula Mortgage was unbelievable. Craig told us in the beginning that he would concentrate on our mortgage and all of the details that this process required to get it done. And get it done he did, in record time.
– Mark & Jenny Bullard, Sequim

Over the past week, investors continued to seek the safety of U.S. bonds in the wake of the British vote to exit the European Union. This added demand offset stronger than expected U.S. economic data, and mortgage rates ended the week at the best levels in years.

When we came to Peninsula Mortgage and met you the contrast couldn’t have been more stark. Rather than the bank’s one size fits all approach you sifted through a wide range of mortgage products to find the ones which best fit our particular circumstances. You will be the first person we speak to for future mortgage needs.
– Greg & Eileen Stone, Sequim

Following the British vote on June 23 to exit (Brexit), it has been a volatile period for financial markets. For the first couple of days after the vote, both U.S. stocks and U.S. mortgage rates declined significantly. Later in the week, however, the stock market recovered nearly all of its losses, while mortgage rates moved even lower.

Bond yields declined, including mortgage-backed securities (MBS). Since mortgage rates are set based on MBS prices, mortgage rates moved lower.

In the U.S., low mortgage rates have contributed to healthy housing market activity. Sales of previously owned homes in May rose to the best level since 2007. This occurred despite a low level of homes available for sale. Strong demand and low supply pushed the housing market to two records in May. The median price of homes sold rose to the highest level on record, and the days on the market fell to a record low.

Over the past week, mortgage rates were helped by Wednesday’s dovish Fed statement and concerns about the upcoming British vote on leaving the European Union. There was little reaction to the recent economic data. As a result, mortgage rates ended the week near the best levels of the year.

After making the mistake of signing up with an online mortgage finder, Peninsula Mortgage put our interests first & gave us the peace of mind we needed.

– Patrick & Michelle Welch, Port Angeles

We would characterize our experience with Peninsula Mortgage as a pleasure. Craig was the consummate professional, explained the process to perfection, and we came in under the projected timeframe. We couldn’t be happier and would recommend him to anyone wanting to refinance.

The Bradfords, Sequim WA

The major economic news over the past week was positive for mortgage rates. This included weaker than expected U.S. economic data, dovish ECB comments, and increased concerns about the UK leaving the EU. As a result, mortgage rates ended the week lower, near the best levels of the year.

The housing data released this week showed home buyers were busy in April signing contracts to purchase homes. The market for both previously owned homes and and newly built homes saw their best activity in years. Improved labor market conditions and low mortgage rates are a great combination to support a very active housing market. April showed the highest level of market activity since 2006!

Having worked with Craig on many volunteer projects, I knew him to be upstanding and forthright. While we had never gotten a mortgage through Peninsula Mortgage, I was confident Craig would be trustworthy and could guide me through the process. Craig was nothing less than my expectations. He answered all my questions and explained things that I didn’t know enough to even ask! I will recommend Peninsula Mortgage and especially Craig Stevenson to anyone who is planning on purchasing a home. – Caitlin & Aristides Karapostoles, Sequim WA

Stronger than expected economic data and a shift in expectations for Fed policy were negative for mortgage rates over the past week. As a result, mortgage rates ended the week higher.

Craig was very compassionate and really went the extra mile. I am also self employed and he is very knowledgeable on lenders that will give us the best rates. We are very happy and we will continue to use him in the future.
– Darryl & Robin Fling, Port Townsend WA

When we contacted Craig, on the recommendation of a friend, we were delighted with the cordial reception and positive attitude he presented to us. Soon any misgivings we had about Reverse Mortgage considerations were set aside. His professional dedication to the task at hand impressed us enormously.
– David & Marion Harrison, Sequim WA

We would recommend Peninsula Mortgage to anyone looking for financing options on the Olympic Peninsula. Craig & his team are very knowledgeable about loan programs & knew the very best option to comfortably get our family into a new home.
– Patrick & Michelle Welch, Port Angeles

The recent housing data was mixed. The existing home sales data for March revealed a solid increase of 5% from February, and they were higher than a year ago. Also notable, inventories of existing homes for sale increased 6%. Tight inventories have been a big factor holding back home sales activity in many regions. National median sale prices were 6% higher than a year ago.

While the U.S. economic data released over the past week generally was a bit weaker than expected, it was offset to some degree by stronger than expected data in China. The net effect was small, and mortgage rates ended the week just a little higher, up from the lowest levels of the year.

Words cannot express the gratitude our family has toward Al Kruebbe and Peninsula Mortgage. Al Kruebbe brings a wealth of experience to the table, and our family has the utmost confidence in his abilities and knowledge! – Bret & Gail Andro, Silverdale WA

Mortgage rates improved again this week and are now near their best levels of the year! – The Newsstand

The economic data released this week shows that the U.S. economy is on far better footing than the overall global economy. The JOLTS report, which measures job openings and labor turnover rates, showed that job openings rose and voluntary quits increased. Both are signs of an improving labor market.

The unemployment rate edged up from 4.9% to 5.0%. The higher rate was mostly due to people entering the workforce, which is a sign of strength. Average hourly earnings, an indicator of wage growth, rose 0.3% from February, matching expectations. The vast majority of the job gains came in the service sector, while manufacturing continued to shed jobs.

Looking ahead, Factory Orders will be released on Monday. The ISM national services index and the JOLTS report will come out on Tuesday. JOLTS measures job openings and labor turnover rates. The Fed minutes from the March 16 meeting will be released on Wednesday. These detailed minutes provide additional insight into the debate between Fed officials and have the potential to significantly move markets.

After I found Al Kruebbe at Peninsula Mortgage, I stuck with them. Al is professional, intelligent, compassionate and maintains a good sense of humor. He put up with me for 4 transactions in the past several years. – Kathryn MacGeraghty, Sequim WA

Craig,thanks for helping me with my mortgage finances. I feel very lucky to have met you and I
can’t compliment you enough for the efficient and pleasant way in which you analyzed my
situation and were able to establish financing for me. It was a minor rollercoaster ride and you
confronted and solved each problem.

For any prospective client I can only say that I recommend you very highly. Many of us
have individual problems that the larger institutional brokerages are unable to handle. It is so
refreshing to find a knowledgeable broker who understands the business so well.

– Jim Stenning, Port Angeles WA