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Scott Synovic CMA, CMPS, CMHS
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Mortgage Blog - April 13, 2020

4/13/2020

 
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Last week’s economic reports were limited due to closures connected with coronavirus regulations. The Federal Reserve did not issue minutes for the most recent Federal Open Market Committee meeting as the meeting was canceled.Inflation readings were released; weekly readings on mortgage rates and new jobless claims were released along with the University of Michigan’s Consumer Sentiment Index.

Consumer Price Index Falls In March

The Consumer Price Index dropped by -0.40 percent in March; this was its biggest decline in five years. Lower inflation was largely due to falling fuel prices.
The Core Consumer Price Index, which excludes volatile food and energy sectors, fell by  -0.10 percent in March as compared to 0.10 percent growth in February.

The year-over-year inflation rate fell to 1.50 percent growth as compared to February’s year-over-year inflation rate of 2.30 percent.

Products including toilet tissue and disinfectant supplies have disappeared from many store shelves; analysts said that manufacturers of household staples use a steady approach to production and were not prepared or able to meet skyrocketing demand caused by  COVID-19.

Mortgage Rates, New Jobless Claims Little Changed

Freddie Mac reported no change in 30-year fixed mortgage rates that averaged 3.33 percent; the average rate for 15-year fixed-rate mortgages was five basis points lower at 2.77 percent. Rates for 5/1 adjustable rate mortgages were unchanged at 3.40 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 averaged 0.30 percent for 5/1 adjustable-rate mortgages.

Initial jobless claims grew by 6.60 million claims last week; this was just shy of the previous week’s reading of 6.90 million claims filed. Before the COVID-19 outbreak, new jobless claims were typically reported in the mid-200,000 range.


The University of Michigan Consumer Sentiment Index reflected consumer concerns about the impacts of the COVID-19 outbreak. April’s index reading was 71.0 as compared to the March reading of 89.1.

What’s Ahead for the Week of April 13, 2020

This week’s scheduled economic reports include the NAHB Housing Market Index, Commerce Department readings on housing starts and building permits issued. Retail sales data will be released along with weekly reports on mortgage rates and new jobless claims,

Wednesday April 15, 2020  NY Fed Mfg Index  April
Wednesday April 15, 2020  Retail Sales  March
Wednesday April 15, 2020  Industrial Production  March
Wednesday April 15, 2020  Capacity Utilization  March
Wednesday April 15, 2020  Business Inventories February
Thursday April 16, 2020  Building Permits  March
Thursday April 16, 2020  Housing Starts  March
Thursday April 16, 2020  Initial Jobless Claims    Week of April 6th
Thursday April 16, 2020  Philly Fed Business Index  April

Have a great week!

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.


Scott Synovic is a top performing mortgage loan originator providing superior levels of service and satisfaction to clients and business partners in Colorado - www.scottsynovic.com NMLS #253799 Fairway Independent Mortgage Corporation #2289

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Scott Synovic NMLS #253799 Fairway Independent Mortgage NMLS #2289
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  • Introduction
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