Mortgage Blog - November 29, 202111/29/2021 Last week’s economic reporting included readings on sales of new and previously-owned homes, inflation, and weekly readings on mortgage rates and jobless claims. President Biden announced his nomination of Federal Reserve chairman Jerome Powell for a second term. Financial markets were closed Thursday and Friday for the Thanksgiving holiday. Single-Family Home Sales Increase in October The Commerce Department reported sales of new homes rose in October with 745,000 new homes sold on a seasonally-adjusted annual basis. October sales fell short of the 800,000 new home sales expected by analysts but surpassed September’s reading of 742,000 new homes sold. The National Association of Realtors® reported 6.34 million previously owned homes were sold on a seasonally-adjusted annual basis in October. Sales of previously-owned homes rose by 0.80 percent from September to October and exceeded expectations of 6.20 million sales and September’s reading of 6.29 million sales of previously-owned homes. Real estate pros said that high demand for homes and strong job growth contributed to October’s reading. Slim inventories of homes for sale and rising home prices continued to sideline some buyers; competition with cash buyers also caused difficulties for would-be buyers who relied on mortgage loans. 6.34 million pre-owned homes were sold year-over-year in October and exceeded expectations of 6.20 million sales and September’s reading of 6.29 million pre-owned homes sold. LawrenceYun, the chief economist at the National Association of Realtors®, said, “Inflationary pressures such as fast rising rents and increasing consumer prices may have some prospective buyers seeking the protection of a fixed consistent mortgage payment.” Rapidly rising home prices challenged would-be home buyers as the median price for a single-family home rose to $353,900 in October, which was more than 13 percent higher year-over-year. The inventory of available homes equaled September’s inventory with a 2.40 month supply of homes for sale. Real estate pros typically consider a six-month supply of homes for sale as a sign of balanced markets. Mortgage Rates Little Changed as Jobless Claims Fall Freddie Mac reported no change in the average rate of 3.10 percent for 30-year fixed-rate mortgages; the average rate for 15-year fixed-rate mortgages rose three basis points to 2.42 percent. The average rate for 5/1 adjustable rate mortgages fell two basis points to 2.47 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable-rate mortgages. Initial jobless claims fell to 199,000 first-time claims filed as compared to the expected reading of 260,000 new claims filed and the prior week’s reading of 270,000 first-time jobless claims filed. 2.05 million continuing jobless claims were filed as compared to 2.11 million ongoing claims filed in the prior week. What’s Ahead for the Week of November 29, 2021 This week’s scheduled economic reporting includes readings from S&P Case-Shiller Housing Market Indices, along with reporting on pending home sales and construction spending. Public and private-sector job reports and the national unemployment rate will also be released along with weekly readings on mortgage rates and jobless claims. 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. Mortgage Blog - November 1, 202111/1/2021 Last week’s economic reports included readings on home price growth from S&P Case-Shiller Home Price Indices, data on new home sales, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also published. Case-Shiller: Home Price Growth Slower, but Prices Aren’t Falling National home prices rose by a seasonally-adjusted annual pace of 19.80 percent in August, which was incrementally lower than July’s year-over-year home price growth rate. Analysts said that rising mortgage rates caused some buyers to leave the market and eased demand in areas where bidding wars drove home prices beyond market value in some areas. The S&P Case-Shiller 20-City Home Price Index reported a seasonally-adjusted annual pace of 19.70 percent growth for August home prices in metro areas included in the index. Home price growth was slower than July’s year-over-year reading of 20.00 percent. Phoenix, Arizona held the top position with year-over-year home price growth of 33.30 percent. San Diego, California maintained second place with year-over-year home price growth of 26.20 percent. Tampa, Florida displaced previous holders of third place with its home price growth rate of 25.90 percent. Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said: “Every one of our city and composite indices stands at its all-time high, and year-over-year price growth continues to be very strong, although moderating somewhat from last month’s levels.” The Federal Housing Finance Administration, which oversees Fannie Mae and Freddie Mac, published similar results for home price growth in August. Lynn Fisher, deputy director for research and statistics at FHFA, said, “Annual house price gains remained extremely high in August, but the pace of month-over-month gains continues to decelerate…This suggests we may have seen the peak in annual home price gains for the time being.” Recent home price growth was driven by high demand for homes and limited supplies of new and pre-owned homes for sale, but rapidly rising home prices and mortgage rates sidelined some buyers. Mortgage Rates Rise as Jobless Claims Fall Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose five basis points to 3.14 percent. Rates for 15-year fixed-rate mortgages rose four basis points and averaged 2.37 percent. The average rate for a 5/1 adjustable-rate mortgage rose two basis points to 2.56 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable-rate mortgages. Initial jobless claims fell to 281,000 first-time claims filed as compared to the prior week’s reading of 291,000 new claims filed. Ongoing jobless claims filed also decreased with 2.24 million continuing claims filed as compared to 2.48 million continuing jobless claims filed during the prior week. The University of Michigan’s Consumer Sentiment Index for October rose to an index reading of 71.7 as compared to September’s reading of 71.4. Analysts expected a reading of 71.9 for October. What’s Ahead for the Week of November 1, 2021 This week’s scheduled economic news includes readings on construction spending, the post-meeting statement, and a press conference from the Fed’s Federal Open Market Committee and Fed Chair Jerome Powell. Data on public and private-sector jobs will be released along with the national unemployment rate. 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. Mortgage Blog - October 25, 202110/25/2021 Last week’s economic reporting included the National Association of Home Builders’ Housing Market Index reports on building permits issued and housing starts, The National Association of Realtors® reported on sales of previously owned homes, and weekly readings on mortgage rates and jobless claims were also published. NAHB: Builder Confidence Improves in September The National Association of Home Builders reported an index reading of 80 for its September Housing Market Index. Analysts expected September’s index reading to match August’s reading of 76. Builders continued to face supply chain challenges and labor shortages amid growing concerns over rising home prices and affordability for would-be home buyers. Component readings for the Housing Market Index also showed rising builder confidence. The index for current housing market conditions rose five points to an index reading of 87; builder confidence in housing market conditions over the next six months rose three points to 84. The gauge for buyer traffic in new single-family housing developments rose four points to an index reading of 65. Robert Dietz, the chief economist for the NAHB, said “Policymakers must focus on fixing the broken supply chain. This will spur more construction and help ease upward pressure on home prices.” Continuing supply chain problems caused some builders to limit building due to concerns over materials costs and availability. Shortages of small and medium homes would cause home prices to rise just as interest rates are expected to rise. These conditions add to concerns over affordability for first-time and modest-income home buyers. NAHB HMI readings over 50 indicate that most builders surveyed have a positive outlook on housing market conditions. September sales of previously-owned homes rose to 6.29 million homes sold on a seasonally-adjusted annual basis as compared to August’s reading of 5.88 million previously-owned homes sold and expectations of 6.10 million previously-owned homes sold. Increasing sales of pre-owned homes indicated that severe shortages of available homes during the pandemic were easing. Mortgage Rates Rise, Jobless Claims Fall Freddie Mac reported higher average mortgage rates last week as rates for a 30-year fixed-rate mortgage rose four basis points to 3.09 percent; rates for 15-year fixed-rate mortgages averaged three basis points higher at 2.33 percent. Rates for 5/1 adjustable rate mortgages fell one basis point to an average rate of 2.54 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. Initial jobless claims fell to 290,000 claims filed from the previous week’s reading of 296,000 first-time claims filed. Analysts expected 300,000 first-time claims to be filed. Fewer continuing jobless claims were filed last week; 2.48 million ongoing jobless claims were filed as compared to 2.60 million ongoing jobless claims filed in the previous week. What’s Ahead for the Week of October 25, 2021 This week’s scheduled economic reporting includes readings from S&P Case-Shiller Home Price Indices, reports on sales of new and previously-owned homes, and the University of Michigan’s Consumer Sentiment Index. 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 Mortgage Blog - October 12, 202110/12/2021 Last week’s scheduled economic news included readings on public and private-sector jobs and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published. Non-Farm Payrolls: Jobs Growth Dips Sharply in September According to the federal government’s Non-Farm Payrolls report, U.S. jobs growth dipped sharply in September. In fact, only 194,000 public and private sector jobs were added in September and fell far short of the expected reading of 500,000 jobs. This expected reading was based on the 366,000 public and private sector jobs that were added in August. Hiring also lagged last month, as continuing concerns over Covid kept workers at home. No place was this more evident than at public schools, which had a low September’s jobs growth—at a time when schools traditionally hire for the upcoming school year. Still, ADP reported 568,000 private-sector jobs added in September, when analysts only expected 425,000 jobs (based on 340,000 private-sector jobs added in August). Overall, the national unemployment rate fell to 4.80 percent in September compared to August’s jobless rate of 5.20 percent. In total, a pleasant surprise since analysts expected the national unemployment rate to drop only to 5.10 percent in September. Mortgage Rates Mixed, Jobless Claims Fall In other news, fixed mortgage interest rates fell last week, as the average rate for a 30-year fixed-rate mortgage fell two basis points to 2.99 percent. Similarly, rates for 15-year fixed-rate mortgages fell by five basis points on average to 2.23 percent. The average rate for 5/1 adjustable rate mortgages, on the other hand, rose by four basis points to 2.52 percent. And discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. New and continuing jobless claims also fell last week, with 326,000 initial jobless claims filed compared to the previous week’s reading of 364,000 first-time claims filed. Yet another plus, as analysts expected 345,000 initial jobless claim filings. Lastly, 2.71 million continuing jobless claims were filed last week as compared to the previous week’s reading of 2.81 million ongoing jobless claims filed. What’s Ahead for the Week of October 12, 2021 This week’s scheduled economic reporting includes readings on inflation, retail sales, and consumer sentiment. 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 Mortgage Blog - October 4, 202110/4/2021 Last week’s economic reporting included readings from S&P Case Shiller Home Price Indices, the National Association of Realtors®’ report on pending home sales, and the University of Michigan’s final consumer sentiment index for September. Weekly readings on mortgage rates and jobless claims were also released. S&P Case-Shiller Reports 4th Consecutive Month of Record Home Price Growth July Home Prices grew at a year-over-year pace of 19.70 percent as compared to June’s home price growth rate of 18.70 percent according to S&P Case-Shiller’s National Home Price Index. The S&P Case-Shiller 20-City Home Price Index reported that July home prices grew by 19.90 percent year-over-year; 17 of 20 cities posted higher home price growth rates in September than in August. The top three home price growth rates in the 20-City Home Price Index were held by Phoenix, Arizona at 32.40 percent; San Diego, California home prices grew by 27.80 percent, and Seattle, Washington home prices grew by 25.50 percent year-over-year in September. Craig Lazzara, managing director and global head of investment strategy for S&P Dow Jones Indices, said “The last several months have been extraordinary not only in the level of price gains but in the consistency of gains across the country.” This differed from the traditional pattern of rapid home price growth in high-demand coastal metro areas as the covid pandemic drove homebuyers to seek out less congested and less expensive metro areas. Pending home sales rose by 8.10 percent in August according to the National Association of Realtors® and far exceeded analyst expectations of 1.20 percent growth and July’s reading of -1.80 percent growth in pending home sales. Pending home sales are sales for which purchase contracts are signed, but the transactions are not completed. Real estate pros and mortgage lenders use pending home sales to predict future home sales and loan closings. Mortgage Rates, Initial Jobless Claims Rise Freddie Mac reported higher mortgage rates last week as the yield on 10-Year Treasuries rose. The average rate for 30-year fixed-rate mortgages rose by 13 basis points to 3.01 percent; rates for 15-year fixed-rate mortgages also rose by 13 basis points and averaged 2.28 percent. Rates for 5/1 adjustable rate mortgages averaged 2.48 percent and five basis points higher. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages; 0.60 percent for 15-year fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. Initial jobless claims increased to 362,000 first-time claims filed from the previous week’s reading of 351,000 new claims filed. Ongoing jobless claims decreased to 2.80 million continuing claims filed as compared to the prior week’s reading of 2.82 million continuing jobless claims filed. The University of Michigan’s Consumer Sentiment Index rose to an index reading of 72.8 in September from August’s reading of 71.0. Analysts expected no change from August’s reading. What’s Ahead for the Week of October 4, 20321 This week’s scheduled economic reporting includes readings on public and private sector jobs, the national unemployment rate, and weekly readings on mortgage rates and jobless claims. 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 Mortgage Blog - September 27, 20219/27/2021 Last week’s scheduled economic reporting included readings on consumer prices, retail sales, and the University of Michigan’s preliminary Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released. Consumer Price Growth Slows in August According to the Consumer Price Index, consumer prices grew by 0.30 percent in August compared to July’s consumer price growth pace of 0.50 percent. Core consumer prices, which exclude volatile food and fuel sectors, also slowed in August to a pace of 0.10 percent compared to July’s reading of 0.30 percent growth. Furthermore, used-car prices fell for the first time in six months but remained 32 percent higher year-over-year. Inventories of new and used cars were lower due to supply chain problems caused by the pandemic. Nonetheless, August’s Consumer Price Index rose by 5.30 percent year-over-year. Similarly, the Core Consumer Price Index grew by 4.00 percent year-over-year in August, which was unchanged from July’s year-over-year consumer price growth. Analysts expressed mixed opinions about how quickly inflation will slow. Still, Federal Reserve Chairman Jerome Powell noted that the Fed expects inflation to slow to the Fed’s targeted pace of 2.00 percent within the next year. Federal Reserve policymakers also expect materials and labor shortages to ease as the post-pandemic recovery continues. Retail Sales Rise in August Moreover, retail sales rose by 0.70 percent in August and surpassed negative projections and July’s reading of -1.80 percent. According to analysts, inflation accounted for some of the increased sales. However, consumers were spending despite the spreading Delta variant of the Coronavirus. That said, overall, retail sales rose by 1.80 percent when automotive sales were excluded. Note, shortages of new and used cars dragged down the pace of retail sales. Mortgage Interest Rates, Jobless Claims In other news, Freddie Mac reported little change in mortgage interest rates last week. Rates for 30-year fixed-rate mortgages averaged two basis points lower at 2.86 percent. Rates for 15-year fixed-rate mortgages also dropped by seven basis points to 2.12 percent on average. In contrast, rates for 5/1 adjustable rate mortgages rose by nine basis points to an average of 2.51 percent. Last but not least, discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable rate mortgages fell to 0.10 percent on average as well. This week’s readings noted that initial jobless claims rose to 332,000 first-time claims filed compared to the previous week’s reading of 312,000 initial claims filed. But be that as it may, continuing claims fell with 2.67 million ongoing jobless claims filed compared to the prior week’s reading of 2.85 million ongoing claims filed. Finally, the University of Michigan released its preliminary Consumer Sentiment Index for September and reported a one-point increase in September’s index reading of 71.0. Analysts forecasted a reading of 72.0 based on the August reading of 70.3. What’s Ahead for the Week of September 27, 2021 This week’s scheduled economic reporting includes readings from the National Association of Home Builders. The Federal Reserve’s Open Market Committee will release its post-meeting statement, and Fed Chair Jerome Powell will give a press conference. Commerce Department readings on housing starts and building permits will be released along with weekly readings on mortgage rates and jobless claims. Do you have questions about rates this week and home loans? Or are you ready to apply for a mortgage to buy a home? If so, contact me today, 303-668-3350. 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 Mortgage Blog - September 20, 20219/20/2021 Last week’s scheduled economic reporting included readings on consumer prices, retail sales, and the University of Michigan’s preliminary Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released. Consumer Price Growth Slows in August According to the Consumer Price Index, consumer prices grew by 0.30 percent in August compared to July’s consumer price growth pace of 0.50 percent. Core consumer prices, which exclude volatile food and fuel sectors, also slowed in August to a pace of 0.10 percent compared to July’s reading of 0.30 percent growth. Furthermore, used-car prices fell for the first time in six months but remained 32 percent higher year-over-year. Inventories of new and used cars were lower due to supply chain problems caused by the pandemic. Nonetheless, August’s Consumer Price Index rose by 5.30 percent year-over-year. Similarly, the Core Consumer Price Index grew by 4.00 percent year-over-year in August, which was unchanged from July’s year-over-year consumer price growth. Analysts expressed mixed opinions about how quickly inflation will slow. Still, Federal Reserve Chairman Jerome Powell noted that the Fed expects inflation to slow to the Fed’s targeted pace of 2.00 percent within the next year. Federal Reserve policymakers also expect materials and labor shortages to ease as the post-pandemic recovery continues. Retail Sales Rise in August Moreover, retail sales rose by 0.70 percent in August and surpassed negative projections and July’s reading of -1.80 percent. According to analysts, inflation accounted for some of the increased sales. However, consumers were spending despite the spreading Delta variant of the Coronavirus. That said, overall, retail sales rose by 1.80 percent when automotive sales were excluded. Note, shortages of new and used cars dragged down the pace of retail sales. Mortgage Interest Rates, Jobless Claims In other news, Freddie Mac reported little change in mortgage interest rates last week. Rates for 30-year fixed-rate mortgages averaged two basis points lower at 2.86 percent. Rates for 15-year fixed-rate mortgages also dropped by seven basis points to 2.12 percent on average. In contrast, rates for 5/1 adjustable rate mortgages rose by nine basis points to an average of 2.51 percent. Last but not least, discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable rate mortgages fell to 0.10 percent on average as well. This week’s readings noted that initial jobless claims rose to 332,000 first-time claims filed compared to the previous week’s reading of 312,000 initial claims filed. But be that as it may, continuing claims fell with 2.67 million ongoing jobless claims filed compared to the prior week’s reading of 2.85 million ongoing claims filed. Finally, the University of Michigan released its preliminary Consumer Sentiment Index for September and reported a one-point increase in September’s index reading of 71.0. Analysts forecasted a reading of 72.0 based on the August reading of 70.3. What’s Ahead for the Week of September 20, 2021 This week’s scheduled economic reporting includes readings from the National Association of Home Builders. The Federal Reserve’s Open Market Committee will release its post-meeting statement, and Fed Chair Jerome Powell will give a press conference. Commerce Department readings on housing starts and building permits will be released along with weekly readings on mortgage rates and jobless claims. 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 Mortgage Blog - September 13, 2029/13/2021 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. 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