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Scott Synovic, CMPS
AnnieMac Home Mortgage
303.668.3350

Mortgage Blog - July 13, 2020

7/13/2020

 
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Last week’s scheduled economic news included readings on consumer credit, job openings, jobless claims, and mortgage rates.

Consumer Borrowing Declined at Slower Pace in May

According to Federal Reserve data, consumer borrowing fell at a slower annual pace of -5.30 percent in May as compared to April’s reading of -20 percent. Non-revolving consumer credit, which includes vehicle and student loans, increased by 2.30 percent in May. The Federal Reserve does not report on real estate loans.

Federal assistance programs including the first round of stimulus checks, additional unemployment payments and support for businesses contributed to better readings for the economy in May, but last week’s rising coronavirus cases may cause all or part of economic gains to be lost as local governments reverse decisions to reopen businesses and local government services.

Job Openings Rise  in May as Weekly Jobless Claims Fall

The Bureau of Labor Statistics reported 5.40 million job openings in May as compared to April’s 5.00 million job openings. Rising job openings coincided with reopening business and government services as state and local authorities eased stay-at-home requirements and began easing restrictions on economic activity.

Weekly jobless claims were also lower than for the preceding week. 1.31 million initial jobless claims were filed last week as compared to the prior week’s reading of 1.41 million first-time claims filed. Ongoing jobless claims fell to 18.10 million claims from the prior week’s reading of 18.80 million continuing jobless claims. Jobless claims remained much higher than pre-pandemic readings.

Mortgage Rates Drop to Record Lows

Freddie Mac reported the lowest recorded average mortgage rates as rates for fixed-rate mortgages dropped by four basis points to 3.03 percent for 30-year fixed-rate mortgages and fell by five basis points to 2.51 percent for 15-year fixed-rate mortgages. The average rate for 5/1 adjustable rate mortgages rose two basis points to 3.02 percent; discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

The U.S. Senate is expected to work on its version of the next Coronavirus relief package next week; it should be completed by the end of July or in early August.

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

This week’s scheduled economic news includes reports on housing markets, housing starts, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be released.

Tuesday July 14, 2020  Core CPI  June
Tuesday July 14, 2020  CPI  June
Wednesday July 15, 2020  NY Fed Mfg. Index  July
Wednesday July 15, 2020  Industrial Production  June
Wednesday July 15, 2020  Capacity Utilization  June
Thursday Juy 16, 2020 16  Initial Jobless Claims  Week of July 6
Thursday Juy 16, 2020  Philly Fed Business Index  July
Thursday Juy 16, 2020  Retail Sales  June
Thursday Juy 16, 2020  Business Inventories  May
Friday July 17, 2020  Building Permits  June
Friday July 17, 2020  Housing Starts  June
Friday July 17, 2020  U of Mich. Consumer Sent. Index  July

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.


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 AnnieMac Home Mortgage #338923

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    303.668 3350 Direct

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  • Introduction
  • Agent Resources
  • Colorado's Mortgage Expert
  • Mortgage Refinance
  • First Time Home Buyers
  • CHFA Down Payment Assistance
  • Metro Mortgage Assistance Plus
  • The HomeReady™ Mortgage
  • Mortgage Blog
  • Renovation Loans
  • Mortgage Loans
  • VA Loans
  • Step 1
  • Step 2
  • Step 3
  • Step 4
  • Mortgage Resources
  • Apply Now
  • searchhotspots
  • Contact