Last week’s economic reporting was limited due to the Labor Day holiday. Job openings were reported along with weekly readings on mortgage rates and jobless claims.

July Job Openings Higher Than Expected

The Labor Department reported record job openings for the fifth consecutive month in July. Economists said that the data used in the report lagged by a month, and the readings were not impacted by the Delta variant of the Covid-19 virus.

Nonetheless, job openings fell in construction, trade, transportation, and utilities. In fact, there were less than 0.80 unemployed available for each job opening in July. Hiring also fell by 160,000 hires to 6.70 million hires. In contrast, job separations, which included terminations and voluntary quits, rose by 174,000 to 5.80 million separations. Note, retirements and location transfers were not included in the job separation data. Overall, private-sector quits rose from 3.00 percent to 3.10 percent, which indicated workers were confident they could find better jobs.

In general, economists don’t expect hot jobs markets to cool anytime soon. High demand for workers and rising wages indicated that less hiring is unlikely in the near term.

Mortgage Rates Hold Steady, Jobless Claims Fall

In other news, Freddie Mac reported little change in average mortgage rates last week. Current mortgage rates for 30-year fixed-rate mortgages rose by one basis point to 2.88 percent. Rates for 15-year mortgages also rose by one basis point to an average rate of 2.19 percent. Alternatively, rates for 5/1 adjustable rate mortgages averaged one basis point lower at 2.42 percent. Additionally, discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. And discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

Lastly, initial jobless claims fell to 310,000 new claims filed as compared to 340,000 first-time claims filed n the previous week. Analysts estimated 335,0000 initial claims would be filed last week. Continuing jobless claims were also lower, with 2.78 million ongoing claims filed; 2.81 million continuing claims were filed in the previous week.

What’s Ahead for the Week of September 13, 2021

This week’s scheduled economic reporting includes readings on inflation, retail sales, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims will also be released in the previous week.

​Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic news included readings on home prices from Case-Shiller, construction spending, and pending home sales. Weekly data on mortgage rates and jobless claims were also released.

Case-Shiller Posts New Record for Home Price Growth in June

U.S. home prices continue to increase, according to June’s reading of the S&P Case-Shiller Home Price Indices. The National Home Price Index rose from May’s seasonally adjusted annual reading of 16.80 percent growth to 18.60 percent year-over-year home price growth in June.

On the other hand, Case-Shiller’s 20-City Home Price Index reported no change in the top three cities for home price growth in June. Phoenix, Arizona, San Diego, California, and Seattle, Washington retained the top three positions in the 20-City Home Price Index. Analysts said that the current pace of home price growth isn’t sustainable. Moreover, demand for homes slowed in June as affordability sidelined would-be buyers. Less demand for homes was expected to ease home price growth and provide an additional inventory of available homes.

Pending Home Sales Slow in July as Construction Spending Increases

According to the National Association of Realtors®, pending home sales also slowed in July. In general, pending sales are sales for which purchase offers are received but are not yet closed. That said, pending sales of previously-owned homes fell by -1.80 percent in July. However, analysts expected pending sales to rise by 0.50 percent from June’s reading of -1.90 percent. Overall, pending home sales fell by 8.50 percent year-over-year in July. Note, pending home sales provide real estate pros a compass for estimating home sales completed in the future.

Furthermore, homebuilders faced with an ongoing shortage of available homes for sale increased construction spending in July. Here, the good news is that lumber and material prices have stabilized from earlier in 2021 and should help builders complete more homes. Nonetheless, shortages of buildable land and skilled labor continued to impact optimum home-building conditions.

Mortgage Interest Rates Hold Steady as Jobless Claims Fall

Looking at current mortgage interest rates, Freddie Mac reported no change in rates for 30-year fixed-rate mortgages, which averaged 2.87 percent. In contrast, rates for 15-year fixed-rate mortgages averaged 2.18 percent, which was one basis point higher than in the previous week. Rates for 5/1 adjustable rate mortgages also averaged one basis point higher at 2.43 percent. Lastly, discount points averaged 0.60 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

In other news, jobless claims fell last week as 340,000 first-time claims were filed as compared to the previous week’s reading of 354,000 initial claims filed. Continuing jobless claims were also lower, with 2.75 million continuing claims filed as compared to the previous week’s reading of 2.91 million ongoing claims filed.

What’s Ahead for the Week of September 7, 2021

This week’s scheduled economic reports will be limited due to the Labor Day holiday. Readings on job openings and the Federal Reserve’s Beige Book report will be released. Weekly readings on mortgage rates and jobless claims will also be published.

​Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reporting included readings on construction spending, consumer sentiment, labor sector reports on public and private sector jobs, and national unemployment. Weekly readings for mortgage rates and jobless claims were also released.

Residential Sector Drove June Construction Spending

According to the Commerce Department, construction spending rose by 0.10 percent in June alone. Analysts expected spending to increase by 0.50 percent, but builders spent less on public sector and non-residential projects. Nevertheless, spending for all construction rose at a year-over-year pace of $1.55 trillion.

Residential construction, on the other hand, rose by 1.10 percent in June. But public-sector spending fell by -1.20 percent, and non-residential construction spending fell by 0.70 percent. That said, year-over-year residential construction spending rose by 28.80 percent in June, whereas non-residential construction spending was 6.60 percent lower year-over-year.

Clearly, demand for homes continues to exceed the supply of available homes. In June, builders took advantage of lower lumber prices to ramp up construction, but shortages of affordable entry-level homes continued to challenge first-time and moderate-income home buyers. And although the COVID-19 pandemic continues to increase demand for homes, many buyers have left the market due to high home prices and few options for available homes. Plus, cash buyers and bidding wars in popular metro areas continued to drive up home prices.

Current Mortgage Rates, Jobless Claims Fall

Freddie Mac reported lower than average mortgage interest rates last week, as rates for 30-year fixed-rate mortgages fell by three basis points to 2.77 percent. The average rate for 15-year fixed-rate mortgages was unchanged at 2.10 percent; Rates for 5/1 adjustable rate mortgages averaged 2.40 percent and were five basis points lower. Discount points also averaged 0.60 percent for fixed-rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

In other news, new jobless claims fell to 385,000 initial claims filed from the previous week’s reading of 399,000 new claims filed. Ongoing jobless claims were also lower, with 2.93 million continuing claims filed as compared to 3.30 million ongoing claims filed in the previous week.

Low Unemployment Rate Suggests Continued Economic Recovery

Yet despite fewer jobless claims, public and private sector jobs showed mixed results in July. ADP reported 330,000 private-sector jobs added in July, compared to 680,000 private-sector jobs added in June. The Labor Department reported 943,000 public and private-sector jobs added in July as compared to its June reading of 938,000 jobs added. Overall, the national unemployment rate fell to 5.40 percent in July. This was much lower than June’s reading of 5.90 percent and analysts’ expectations of an unemployment rate of 5.70 percent in July.

What’s Ahead for the Week of August 9, 2021

This week’s scheduled economic reporting includes readings on construction spending and labor sector readings on jobs growth and national unemployment. Weekly reporting on mortgage rates and jobless claims will also be released.

Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303-668-3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reporting included readings from the National Association of Home Builders Housing Market Index, data on sales of new and previously-owned homes, and weekly reports on mortgage rates and jobless claims.

NAHB: Affordability, Shortages of Labor and Materials Impacting U.S. Housing Markets

There is no denying that a number of conditions impact the housing market’s direction and ability to sustain future demand. According to July’s Housing Market Index produced by the National Association of Home Builders, the top conditions including high prices for building materials, labor shortages, and consumers’ perception of affordability. Although the HMI reading declined by one point in July, ongoing trends have definitely impacted builder confidence in overall market conditions. July’s index reading was 80 as compared to June’s reading of 81 and the expected reading of 82. Housing Market Index readings over 50 indicate that most builders surveyed were confident about housing market conditions.

That said, July’s Housing Market Index component readings included builder confidence in current market conditions, which fell one point to 86; builder confidence in housing market conditions for the next six months rose two points to 81. However, builder confidence in prospective buyer traffic in single-family housing developments fell six points to an index reading of 65. Although, it is worth noting that buyer traffic readings often fell below 50 before the pandemic.

Overall, regional builder confidence readings for housing market conditions were mixed in July. The Northeastern region’s reading was four points lower at an index reading of 75. The Midwest index reading was one point lower at 71, whereas the builder confidence reading in the South was unchanged at 85. And, in the West, the builder confidence reading dropped two points to 87.

Previously-Owned Home Sales Rise in June

Looking back at last month’s previously-owned home sales, the National Association of Realtors® reported a seasonally adjusted annual pace of 5.86 million sales in June alone. Nevertheless, analysts expected a reading of 5.93 million sales since May’s reading for existing home sales showed an annual pace of 5.78 million homes sold.

Demand for homes since the pandemic started is driven by home buyers who were looking for less congested suburban and rural areas. Although demand for homes encourages home builders, it also increases home prices when multiple buyers submit purchase offers on each available home. This drives home prices higher and sidelines first-time and moderate-income buyers. High-demand areas are also experiencing more cash offers, which creates difficulties for buyers needing to finance a home purchase.

Housing Starts Rise in July as Building Permits Issued Fall

U.S. housing starts also rose in June according to the Census Bureau—1.64 million starts were reported on a seasonally adjusted annual basis. 1.59 million starts were expected based on 1.55 million starts reported in May. Furthermore, building permits fell to 1.60 permits issued in June; analysts expected building permits issued in June to match May’s reading of 1.68 million building permits issued.

Mortgage Interest Rates and Jobless Claims

What’s more, Freddie Mac reported lower rates for fixed-rate mortgages with 30-year fixed rates averaging 10 basis points lower at 2.78 percent. Rates for 15-year fixed-rate mortgages were also 10 basis points lower and averaged 2.12 percent. Rates for 5/1 adjustable mortgages rose two basis points on average to 2.49 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
​
In other news, 419,000 new jobless claims were filed last week as compared to 368,000 initial jobless claims filed in the previous week. 3.24 million continuing jobless claims were filed as compared to 3.27 million ongoing jobless claims filed in the previous week.

What’s Ahead for the week of July 26, 2021

This week’s scheduled economic reporting includes readings on home prices from S&P Case-Shiller Home Price Indices, data on pending home sales, and new home sales will be released along with the post-meeting statement of the Fed’s Federal Open Market Committee. Fed Chair Jerome Powell is scheduled to give a press conference after the FOMC statement is released. Weekly readings on current mortgage interest rates and jobless claims will be published along with the University of Michigan’s Consumer Sentiment Index.

​Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303.668.3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s scheduled economic reports included readings on inflation, Fed Chair Jerome Powell’s testimony before the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on current mortgage interest rates and jobless claims were also released.

Consumer Price Index: June Inflation Grows at Fastest Pace Since 2008

June’s Consumer Price Index showed the fastest pace of inflationary growth in 13 years; inflation grew by 5.40 percent on a seasonally-adjusted annual basis. Used car sales accounted for one-third of the growth, but prices also rose for clothes, food, energy, and travel/hospitality. The year-over-year inflation rate for May was 5.00 percent.

Moreover, inflation grew by 0.90 percent month-to-month, which exceeded analysts’ expectations of 0.50 percent growth and a 0.60 percent growth in May. The Core Consumer Price Index, which excludes volatile food and energy sectors, also grew by 0.90 percent in June as compared to a month-to-month reading of 0.70 percent in May. Analysts expressed concern that the rapid pace of inflation may not slow as quickly as the Federal Reserve predicted.

Fed Chair Jerome Powell Testifies Before House Financial Services Panel

Fed Chair Jerome Powell maintained the Federal Reserve’s earlier prediction that the pace of inflation would ease, but not immediately. “Inflation has increased notably and will likely remain elevated in coming months before moderating,” Mr. Powell said, and he also noted that inflationary growth has come in at a faster pace than the Fed was hoping to see.

Overall, Chair Powell points to three factors contributing to current inflationary growth, including weak inflation during the pandemic (dropped out of the year-over-year calculation), as well as production and supply chain constraints that have led to sharp price increases after the pandemic. The third and final factor or economic indicator is a surge in demand for services that we have notably seen since the economy reopened. The Fed Chair said, “This is a pretty narrow group of things, but it is these factors that are producing these high readings.”

Current Mortgage Rates, Jobless Claims Fall

In other news, Freddie Mac reported mixed interest rates for mortgages last week as the rate for 30-year fixed-rate mortgages averaged 2.88 percent and were two basis points lower. That said, rates for 15-year fixed-rate mortgages rose by two basis points to an average of 2.22 percent. Rates for 5/1 adjustable rate mortgages, on the other hand, fell by five basis points to 2.47 percent on average. Additionally, discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. And discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

Similarly, new jobless claims fell, with only 360,000 initial claims filed from the previous week’s reading of 386,000 claims filed. Note, data for continuing jobless claims was not updated last week.

Last but not least, the University of Michigan reported no change in its Consumer Sentiment Index for July, with an index reading of 85.5. Analysts expected a reading of 86.3.

Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303.668.3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reports included readings on sales of new and previously-owned homes.  Weekly readings on mortgage rates and jobless claims were also released.

New Home Sales Fall in May

New home sales dropped to their lowest reading in a year in May with 769,000 new single-family homes sold on a  seasonally adjusted annual basis.  May’s reading was 5.90 percent lower than April’s reading of 817,000 sales but was 9.20 percent higher year-over-year.

May’s decline in new home sales was caused by a 14.50 percent decrease in sales in the South; Sales rose by 33 percent in the Northeast and 4.80 percent in the West. The sales pace for new homes in the Midwest was unchanged.

Multiple factors caused fewer new home sales during what is typically a busy home-buying season. Rising costs of lumber, along with high demand for homes and affordability challenges presented obstacles to first-time and moderate-income buyers in recent months, but lumber prices fell in May. High demand for homes created opportunities for cash buyers who sidestepped making purchase offers contingent on mortgage approvals.

Analysts said that falling lumber prices will eventually provide relief for homebuyers, but short inventories of available homes coupled with high home prices continued to sideline first-time and moderate-income buyers. The median price for new homes rose to $374,000 as compared to $369,000 in April. Real estate pros reported a 5.1 month supply of available homes in May, which was the highest reading in a year.

Existing Home Sales Lower in May as Market Slows

Sales of previously-owned homes also fell in May; this was likely due to low inventories of available homes and the covid induced home-buying frenzy easing. Would-be home buyers have also left the market due to affordability challenges.

Lawrence Yun, chief economist for the National Association of Realtors® said: “Home sales fell moderately in May and are now approaching pre-pandemic activity.” Mr. Yun identified low inventories of available homes and affordability as the main obstacles facing prospective home buyers.

Mortgage Rates Rise; Jobless Claims Fall

Freddie Mac reported higher mortgage rates last week; average mortgage rates surpassed three percent for the first time in 10 weeks. Rates for 30-year fixed-rate mortgages rose nine basis points to 3.02 percent; the average rate for 15-year fixed-rate mortgages rose 10 basis points to 2.34 percent. Rates for 5/1 adjustable rate mortgages averaged 2.53 percent and were one basis point higher. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

New jobless claims fell to 411,000 claims filed last week as compared to the prior week’s reading of 418,000 first-time claims filed. Continuing jobless claims also fell with 3.39 million ongoing claims filed as compared to the prior week’s reading of 3.53 million continuing claims filed.

What’s Ahead for the week of June 28, 2021

This week’s scheduled economic news includes readings from Case-Shiller Home Price Indices, and reports on pending home sales, construction spending, and consumer confidence. Weekly readings on mortgage rates and jobless claims will also be published.

Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303.668.3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reporting included readings on job openings, inflation, and consumer sentiment. Weekly reports on mortgage rates and jobless claims were also released.

Job Openings Increase as Employers Struggle to Fill Positions

Job openings rose in April according to the Labor Department, but workers were quitting jobs in record numbers. 9.30 million openings were reported as compared to expectations of 8.20 million job openings and 8.30 million job openings reported in March. Increasing job openings indicate a stronger post-pandemic economy as businesses and service providers return to full capacity. 

Employers faced multiple obstacles to filling job openings including early retirements taken during the pandemic, difficulty in finding childcare options, and continued fear of covid-19. Generous covid-19 benefits and jobless benefits delayed workers’ return to their jobs. Job openings in restaurants and hotels rose by 349,000 openings in April. About one-third of all job openings were unfilled in April. 

In other news, the Consumer Price Index, which tracks inflation, rose by 0.60 percent in May as compared to April’s reading of 0.80 percent growth. Analysts expected a reading of 0.50 percent for May. May’s reading was the fourth consecutive monthly increase in inflation since the pandemic. Higher used-car prices accounted for approximately a third of May’s inflation growth. 

The Core Consumer Price Index, which excludes volatile food and fuel sectors, rose by 0.70 percent in May and was 3.80 percent higher year-over-year for a 29-year high

Mortgage Rates and Jobless Claims Fall

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell three basis points to 2.96 percent; the average rate for 15-year fixed-rate mortgages fell by four basis points to 2.23 percent. Rates for 5/1 adjustable rate mortgages averaged 2.55 percent and were nine basis points lower. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages, 0.60 percent for 15-year fixed-rate mortgages, and 0.20 percent for 5/1 adjustable rate mortgages. 

Initial jobless claims fell last week with 376,000 new claims filed as compared to expectations of 370,000 new claims and the previous week’s reading of 385,000 first-time claims filed. Continuing jobless claims also fell with 3.50 million ongoing claims filed as compared to the previous week’s reading of 3.76 million continuing claims filed.

The University of Michigan released initial results for its June Consumer Sentiment Index. June’s index reading was 86.4 as compared to the expected reading of 84.4 and May’s index reading of 82.9. 

What’s Ahead for the Week of June 14, 2021

This week’s economic readings include the National Association of Home Builders’ Housing Market Index along with Commerce Department readings on housing starts and building permits issued. The Federal Open Market Committee of the Federal Reserve will release its usual post-meeting statement and Fed Chair Jerome Powell will give a press conference. Weekly readings on mortgage rates and jobless claims will also be released.

Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303.668.3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.

Last week’s economic reports included readings on home price growth, new and pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.

Case-Shiller Reports Highest Gains in Home Prices Since 2005

March home prices grew at a seasonally-adjusted annual rate of 13.20 percent according to S&P Case-Shiller’s National Home Price Index for March. National home prices gained 12.00 percent year-over-year in February; the corresponding 20-City Home Price Index reported that Phoenix, Arizona held the top spot for home price growth for the 22nd consecutive month; home prices rose by 20.00 percent year-over-year. San Diego, California followed with 19.10 percent growth in home prices, and Seattle, Washington posted year-over-year home price growth of 18.30 percent for third place in the 20-City Home Price Index.

All cities participating in the 20-City Index reported faster growth in March home prices than in February. Rapidly rising home prices pressed new home sales down from the March reading of 917,000 new homes sold to a seasonally-adjusted annual pace of 863,000 new homes sold in April. The inventory of new homes for sale dipped to a 3.80 month supply in April as compared to a 4.60 month supply of new homes available in March. Builders faced continuing obstacles including high materials and labor costs that reduced their ability to produce the volume of homes needed to meet ongoing demand.

Pending home sales were -4.40 percent lower in April as compared to expectations of a 1.00 percent increase in pending sales; Pending home sales rose by 1.70 percent in March. High competition for homes and fewer available homes along with higher prices sidelined prospective buyers as affordability concerns increased. 

Mortgage Rates, Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by five basis points to 2.95 percent. Rates for 15-year fixed-rate mortgages averaged 2.27 percent and were two basis points lower. Rates for 5/1 adjustable rate mortgages were unchanged at 2.59 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and  0.60 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.20 percent.

First-time jobless claims fell to 406,000 initial claims filed as compared to the previous week’s reading of 444,000 new claims filed. Continuing jobless claims fell to 3.64 million claims filed from the prior week’s reading of 3.74 million continuing jobless claims filed.

Inflation rose by 0.50 percent in April, which matched analysts’ expectations. Core inflation, which excludes food and fuel sectors, rose by 0.70 percent and exceeded expectations of 0.60 percent growth.in April. The March reading for core inflation showed 0.40 percent growth. The Federal Reserve has an annual goal of two percent inflation; current readings indicate that inflation may rise above the two percent benchmark if the current pace of inflation continues. 

What’s Next for the Week of June1, 2021

This week’s scheduled economic news includes readings on construction spending and readings on public and private-sector jobs growth. Weekly reports on mortgage rates and jobless claims will also be published.

Cheers!

Scott Synovic
AnnieMac Home Mortgage
Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
@coloradosmortgageexpert
303.668.3350 Direct

NMLS: 253799 / AnnieMac Home Mortgage NMLS: 338923
Regulated by the Division of Real Estate

The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial
services and other professionals only. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors.