Mortgage Blog - February 7, 20222/7/2022 ![]() Last week’s economic reports included readings on construction spending and labor-related reports on jobs and the national unemployment rate. Weekly data on mortgage rates and jobless claims were also published. Residential Construction Spending Falls in January The Commerce Department reported overall construction spending rose by 1.30 percent in January, which was the largest increase since April of last year. Private residential construction spending fell by 0.30 percent in January; this was the sixth consecutive month for declining private-sector residential construction spending. Analysts cited costly building materials, fewer available options for prospective buyers, and higher mortgage rates as factors contributing to less construction spending. Home buying traditionally slows during the winter months. Mortgage Rates Little Changed, Jobless Claims Fall Freddie Mac reported little change in average mortgage rates last week as the rate for 30-year fixed-rate mortgages remained unchanged at 3.55 percent. Rates for 15-year fixed-rate mortgages averaged 2.77 percent and three basis points lower than for the previous week. The average rate for 5/1 adjustable rate mortgages rose one basis point to 2.71 percent on average. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages, 0.70 percent for 15-year fixed-rate mortgages, and 0.30 percent for 5/1 adjustable rate mortgages. Initial jobless claims were lower last week with 238,000 first-time claims filed as compared to the prior week’s reading of 261,000 first-time claims filed. Analysts predicted 245,000 new claims would be filed. Continuing jobless claims were also lower with 1.63 million ongoing claims filed as compared to the prior week’s reading of 1.67 million continuing jobless claims filed. Labor Reports Show Slower Jobs Growth, Unemployment Rate Ticks Up ADP Payrolls reported 301,000 fewer private-sector jobs open in January as compared to 776,000 private-sector jobs available in December. Analysts expected 200,000 private-sector job openings in January. The government’s Non-Farm Payrolls report showed 467,000 jobs added in January as compared to the expected reading of 150,000 jobs added and December’s reading of 510,000 public and private-sector jobs added. Hiring in December was higher than expected as analysts predicted less hiring due to the ongoing spread of the omicron variant of COVID-19. The national unemployment rate rose to 4.00 percent in January as compared to December’s reading of 3.90 percent. Analysts predicted national unemployment to hold steady at 3.90 percent. What’s Ahead for the Week of February 7, 2022 This week’s scheduled economic reports include readings on inflation and consumer sentiment along with weekly data 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. 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.
Archives
February 2023
Categories |
Popular Pages |
Company
|

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.