Scott Synovic Mortgage Loan Originator Colorado's Mortgage Expert
  • About
  • Mortgage Blog
  • Contact
  • Apply Now

Scott Synovic CMA, CMPS, CMHS
Fairway Independent Mortgage
303.668.3350

Mortgage Blog - June 22, 2020

6/22/2020

 
Picture
Last week’s scheduled economic reporting included readings on U.S. Housing markets, housing starts, and building permits issued. Weekly reports on new and continuing jobless claims and mortgage rates were also released.

NAHB: Builder Confidence in Housing Market Recovers in June

Analysts cited slim supplies of available homes, tight housing markets, and low mortgage rates as drivers of new home sales. Builder confidence in current housing market conditions rose 21 points to an index reading of 58 in June;  builder confidence in housing market conditions in the next six months rose 22 points to 68.

Builder confidence in buyer traffic in new single-family housing developments rose from May’s index reading of 21 to 43 in June. Readings for buyer traffic are typically lower than the benchmark reading of 50.

Readings over 50 indicate that most builders are confident about housing market conditions and component readings of the Housing Market Index. Prospective home buyers continued to face obstacles of high unemployment and loss of income due to the coronavirus pandemic; these factors will likely impact builder confidence for months ahead as impacts of the pandemic change.

Housing Starts, Building Permits Issued Increase in May

The Commerce Department reported 974,000 housing starts on a seasonally-adjusted annual basis in May as compared to a  pace of  934,000 housing starts reported in April. Building permits issued in May rose to 1.22 million permits issued on an annual basis from April’s pace of 1.07 million permits issued. Analysts expected 1.25 million permits to be issued in May on an annual basis.

Mortgage Rates Hit All-Time Low as Jobless Claims Decrease

Freddie Mac reported lower mortgage rates that were the lowest mortgage rates recorded. The average rate for a 30-year fixed-rate mortgage was eight basis points lower at 3.13 percent; interest rates for 15-year fixed-rate mortgages averaged 2.58 percent and were four basis points lower than for the prior week. Interest rates for 5/1 adjustable-rate mortgages averaged one basis point lower at 3.09 percent. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.40 percent for 5/1 adjustable-rate mortgages.

First-time jobless claims fell to 1.51 million claims last week as compared to the prior week’s reading of 1.57 million initial claims filed. Continuing jobless claims also fell; 20.50 million claims were reported as compared to 20.60 million ongoing jobless claims reported the prior week.

What’s Ahead for the Week of June  22, 2020

This week’s scheduled economic reports include reports on sales of new and previously-owned homes, FHFA’s Home Price Index, and the University of Michigan’s consumer sentiment index.

Monday June 22, 2020 Existing Home Sales  May
Tuesday June 23, 2020 New Home Sales  May
Thursday June 25, 2020  Durable Goods  May
Thursday June 25, 2020  GDP Final  Q1 2020
Thursday June 25, 2020  Core PCE Prices Final  Q1 2020
Thursday June 25, 2020  Initial Jobless Claims  Week of June 15
Friday June 26, 2020  Personal Income  May
Friday June 26, 2020  Core PCE Price Index  May
Friday June 26, 2020  U of Mich Consumer Sentiment June

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.
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    APPLY NOW

    Archives

    February 2023
    January 2023
    December 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    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.
  • About
  • Mortgage Blog
  • Contact
  • Apply Now