![]() Last week’s economic releases included readings from Case-Shiller on home prices, pending home sales and consumer sentiment. Weekly readings on mortgage rates and first-time jobless claims were also released. Case-Shiller: Home Price Growth, Pending Home Sales Dip Home price growth slowed in June according to Case-Shiller’s national home price index. Home prices rose 0.30 percent from May and were 6.30 percent year-over-year as compared as compared to 6.40 percent. In May. Analysts have predicted stabilizing home prices for months and June’s reading indicated that home prices may slow after surpassing inflation and wage growth in recent times. The 20-City Home Price Index rose 0.10 percent in June and 6.30 percent year-over-year in June; Las Vegas, Nevada home prices toppled Seattle, Washington’s hold on highest home price appreciation with a reading of 1.40 percent in June and 13.00 percent year-over-year. Seattle home prices grew by 0.70 percent and 12.80 percent year-over-year. San Francisco, California home prices grew by 0.50 percent in June and 10.78 percent year-over-year. Pending home sales, which indicate future home sales, were -0.70 percent lower in July; as compared to 1.00 percent growth in June. Lower home sales are typically expected as peak buying season ends, but short supplies of homes and high demand, which has driven home prices beyond affordability for first-time and moderate-income home buyers. Mortgage Rates, New Jobless Claims Rise Freddie Mac reported a higher average rate for 30-year fixed rate mortgages, which rose one basis point to 4.52 percent; rates for a 15-year fixed rate mortgage averaged 3.97npercent and were one basis point lower. Rates for a 5/1 adjustable rate mortgage averaged 3.85 percent and were three basis points higher on average. First-time jobless claims also rose last week with 213,000 new claims filed as compared to expectations of 212,000 new claims and the prior week’s reading of 210,000 new claims filed. The University of Michigan reported a lower consumer confidence reading of 96.2 for August as compared to July’s reading of 97.9. Analysts expected a reading of 95.4 for August. Buy? Refi? Prequalify. What‘s Ahead for the Week of September 4, 2018 This week’s scheduled economic releases include readings on construction spending, labor 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. Monday, September 3, 2018 Labor Day Holiday - None scheduled Tuesday, September 2018 9:45 am Markit Manufacturing PMI 10:00 am ISM Manufacturing Index 10:00 am Construction Spending July Varies Motor Vehicle Sales Wednesday, September 5, 2018 8:30 am Trade Deficit August 9:20 am James Bullard Speaks 4:00 pm Neel Kashkari Speaks 5:30 pm Raphael Bostic Speaks Thursday, September 6, 2018 8:15 am ADP Employment August 8:30 am Weekly Jobless Claims 8:30 am Productivity 8:30 am Unit Labor Costs 9:45 am Markit Services PMI August 10:00 am ISM Nonmanufacturing Index August 10:00 am Factory Orders July 10:00 am John Williams Speaks Friday September 7, 2018 8:30 am Nonfarm Payrolls August 8:30 am Unemployment Rate August 8:30 am Average Hourly Earnings August 1:20 pm Robert Kaplan Speaks 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
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