Scott Synovic Mortgage Loan Originator Colorado's Mortgage Expert
  • Introduction
  • Mortgage Blog
  • Colorado's Mortgage Expert
  • First Time Home Buyers
  • CHFA Down Payment Assistance
  • Mortgage Refinance
  • VA Loans
  • Mortgage Resources
  • Contact
  • Apply Now

Scott Synovic CMA, CMPS, CMHS
Fairway Independent Mortgage
303.668.3350

Mortgage Blog - September 10, 2018

9/10/2018

 
Picture
Last week’s economic news included readings on construction spending, along with public and private-sector jobs growth. The national unemployment rate, weekly reports on mortgage rates and new jobless claims were also released.

Construction Spending Rises in July

July construction spending ticked up to 0.10 percent from June’s negative reading of -0.80 percent. Year-over-year, construction spending was 5.80 percent higher than for July 2017.Public-sector construction accounted for most of the growth and increased by 0.70 percent as private-sector construction projects decreased by -0.10 percent.

Month-to-month spending readings can be volatile, but analysts said that construction spending for the first seven months of 2018 were up 5.20 percent from the same period in 2017. July’s slower spending rate suggested that construction projects are slowing.

Given ongoing shortages of available homes, this is not good news for housing markets. High demand has driven home prices up, but affordability has become an issue in areas where home prices outpace inflation and wage growth.

Mortgage Rates Rise as New Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week; the rate for a 30-year fixed rate mortgage rose two basis points to 4.54 percent. Rates for 15-year fixed rate mortgages averaged 3.99 percent and were two basis points higher.

Rates for a 5/1 adjustable rate mortgage averaged eight basis points higher at 3.93 percent. Analysts said that home prices continued to rise as demand for homes softened Higher home prices and mortgage rates sidelined first-time and moderate-income home buyers as slim inventories of homes for sale sidelined buyers who could not find homes they wanted to buy.

First-time jobless claims were lower last week with 213,000 claims filed. Analysts expected 212,000 new claims to be filed based on the prior week’s reading of 213,000 first-time filings. The national unemployment rate held steady at 3.90 percent.

ADP payrolls dropped to 163,000 private-sector jobs in August as compared to 217,000 private-sector jobs added in July. The Commerce Department’s Non-Farm Payrolls reported 201,000 public and private-sector jobs added in August, which fell short of the expected reading of 212,000 jobs added and the prior month’s reading of 213,000 jobs added.

Buy? Refi? Prequalify.

What‘s Ahead for the week of September 10, 2018

This week’s economic readings include reports on inflation, retail sales and the Federal Reserve’s Beige Book report. Weekly readings on mortgage rates and new jobless claims will also be released.

Monday September 10, 2018

11:00 am Survey of Consumer Expectations August
12:00 pm Raphael Bostic Speaks
3:00 pm Consumer Credit July

Tuesday September 11, 2018

6:00 am NFIB Small-Business Index August
10:00 am Job Openings July
10:00 am Wholesale Inventories July
2:20 pm Neel Kashkari Speaks
 
Wednesday September 12, 2018

8:30 am Producer Price Index August
9:40 am James Bullard Speaks
2:00 pm Beige Book
 
Thursday September 13, 2018

8:30 am Weekly Jobless Claims 9/8
8:30 am Consumer Price Index August
8:30 am Core CPI August
1:15 pm Raphael Bostic Speaks
2:00 pm Federal Budget August

Friday September 14, 2018

8:30 am Retail Sales August
8:30 am Retail Sales Ex-Autos August
9:00 am Charles Evans Speaks
9:15 am Industrial Production August
9:15 am Capacity Utilization August
10:00 am Consumer Sentiment September
10:00 am Business iInventories July
10:00 am Eric Rosengren Publishes Paper
 
Buy? Refi? Prequalify.

Cheers!

Scott Synovic
AnnieMac Home Mortgage

Colorado's Mortgage Expert
www.coloradosmortgageexpert.com
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

Comments are closed.

    Colorado's
    Mortgage
    Expert

    Scott Synovic
    CMA, CMPS, CMHS
    Fairway Independent Mortgage Corporation

    950 Cherry Street
    Suite #1515
    Denver, Colorado 80246

    303.668 3350 Direct

    Picture
    Picture
    Picture
    Picture
    Picture
    APPLY NOW

    Archives

    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015

    Categories

    All

    RSS Feed

popular pages

Refinance
Eliminate PMI
Consolidate Debt
Mortgage Calculators
How Much is My Home Worth?
Interest Rates

Company

About Fairway Independent Mortgage Corporation
Financing Disclaimer
Contact

mortgage insight

join now
Communications Consent
Picture
Scott Synovic NMLS #253799 Fairway Independent Mortgage NMLS #2289
NMLS Consumer Access. Fairway Independent Mortgage Corporation
950 South Cherry Street, Suite #1515, Denver, Colorado 80246

Equal Housing Lender licensed through NMLS Regulated by the Division of Real Estate.
​Licensed Mortgage Loan Originator licensed in Colorado and California.
Not endorsed or sponsored by either state or any government agencies.

Picture
Picture
Picture
Featured in The Denver Post and 5280 Magazine as a Five Star Mortgage Professional
© Copyright 2022. All Rights Reserved.
  • Introduction
  • Mortgage Blog
  • Colorado's Mortgage Expert
  • First Time Home Buyers
  • CHFA Down Payment Assistance
  • Mortgage Refinance
  • VA Loans
  • Mortgage Resources
  • Contact
  • Apply Now