Mortgage rates currently trending
Courtesy of Rob Fischer @ CMV Home loan:
Mortgage rates trended higher last week. Retail sales increased at a slower pace in June. Home builder sentiment increased once again in July. Mortgage application submissions climbed. Housing starts and building permits fell in June. Continuing jobless claims rose higher while initial claims dropped. Existing home sales slowed in June.
- The National Association of Home Builders’ (NAHB) housing market sentiment index increased by one point in July, rising to a level of 56. Anything over 50 is considered a positive outlook on the housing market. The component measuring traffic of prospective buyers increased by three points.
- Mortgage application submissions increased a composite 1.1% during the week ending 7/14. The Refinance Index jumped 7% – likely due to the downward trend in rates – while the seasonally adjusted Purchase Index fell 1%.
- Housing starts took a semi-unsurprising tumble in June, falling 8% month-over-month. The decline can largely be attributed to the abnormal 18.7% gain the month before. Many see the decline as a balancing out vs. a negative fall. Building permits decreased 3.7% on a monthly basis. Single-family permits, on the other hand, climbed 2.2%, signaling continued relief for housing inventory.
- Continuing jobless claims increased by 33,000 during the week ending 7/8 while initial jobless claims decreased by 9,000 during the week ending 7/15.
- Existing home sales slid by 3.3% in June as the market continues to struggle with existing home inventory. Most mortgages were either obtained or refinanced during the pandemic, meaning many owners have a great rate keeping them from selling.
Feel free to contact Rob for mortgage questions! rfischer@cmghomeloans.com.
Don’t hesitate to reach out to me for all your real estate needs. For a free “Home Buying” or “Home Selling” PDF handbook, or free Market Analysis on your current home, Call/text/email me and I can send them right over!
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