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 - March 2, 2020

3/2/2020

 
Picture
Economic readings released last week included Case-Shiller and FHFA Home Price Indices and reports on new and pending home sales. The week wrapped up with a report on consumer sentiment and weekly readings on mortgage rates and new jobless claims.

Case-Shiller, FHFA Report Faster Home Price Growth

Home prices rose by 3.80 percent year-over-year in December according to Case-Shiller’s National Home Price Index.

Case-Shiller’s 20-City Home Price Index rose by 2.90 percent year-over-year in December as compared to November’s reading of a 3.50 percent gain over-over-year; Case-Shiller reported 0.40 percent growth in home prices from month-to-month.

The 20-City Home Price Index reported no change in the top three cities for year-over-year home price growth. Phoenix, Arizona reported 6.50 percent home price growth in December followed by Charlotte, North Carolina’s reading of 5.30 percent home price growth. Tampa, Florida reported 5.20 percent year-over-year home price growth.

The Federal Housing Finance Agency reported its 34th consecutive quarter of home price growth in December. Home prices rose by 5.10 percent in the fourth quarter of 2019 and were 0.60 percent higher month-to-month.

2019 saw home buyers leave pricey coastal metro areas in favor of less expensive markets in mountain states and in the South. Home prices in these areas rose as demand increased. Overall, real estate pros reported lingering shortages of homes for sale in many areas, but low mortgage rates prompted would-be buyers to enter the market. Increased demand for homes further boosted home prices in many areas.

Mortgage Rates Fall as New Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week as 30-year fixed mortgage rates dropped four basis points to 3.45 percent. The average rate for a 15-year fixed-rate mortgage was also four basis points lower at 2.95 percent. Rates for 5/1 adjustable rate mortgages averaged 3.20 percent and were five basis points lower.

Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.80 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.20 percent.

First-time jobless claims rose last week; 219,000 new claims were filed and exceeded expectations of 214,000 claims and the prior week’s reading of 211,000 first-time claims filed.

New and Pending Home Sales Increase in January

764,000 new homes were sold in January on a seasonally-adjusted annual basis according to the Commerce Department. Analysts expected 722,000 new home sales based on December’s reading of 708,000 new homes sold. Low mortgage rates boosted sales as buyers turned to new home developments to take advantage of rock-bottom mortgage rates.

Pending home sales rose 5.20 percent in January as compared to a dip of -4.30 percent in December according to the National Association of Realtors®. Pending home sales were 8.70 percent higher in the South and 7.10 percent higher in the Midwest. Pending sales rose by 1.20 percent in the Northeast and fell 1.10 percent in the West.

The University of Michigan reported slight growth in consumer sentiment in February with an index reading of 101.0 as compared to January’s reading of 100.9. Analysts expected no change from January’s reading.

What’s Ahead for the Week of March 2, 2020

This week’s scheduled economic news includes readings on construction spending and labor sector reports on public and private-sector job growth and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims will also be released.

March 2, 2020    Construction Spending  January
March 2, 2020    ISM Mfg PMI  February
March 4, 2020    ADP National Employment  February
March 4, 2020    ISM Non-Mfg PMI  February
March 5, 2020    Initial Jobless Claims  Week of February 24
March 5, 2020    Factory Orders  January
March 6, 2020    Non-Farm Payrolls  February
March 6, 2020    Unemployment Rate  February
March 6, 2020    Average Earnings  February
March 6, 2020    Wholesale Inventory  January

Have a great week!

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