Todd Grey

Equity Smart Home Loans

Looking For Something?

  • Home
  • Blog
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • Apply
    • Short Application
  • Reviews
    • Read my Reviews
    • Leave a Review
  • Contact

September 9, 2019 by support

What’s Ahead For Mortgage Rates This Week – September 9th, 2019

What’s Ahead For Mortgage Rates This Week – September 9th, 2019Last week’s economic reports included readings on construction spending, public and private-sector jobs and the national unemployment rate. Weekly reports on mortgage rates and first-time jobless claims were also released.

Construction Spending Rises in August

Construction spending rose 0.10 percent higher than in July according to the Commerce Department. Analysts expected construction spending to increase by 0.60 percent based on June’s reading of -0.70 percent. Construction spending was -2.70 percent lower year-over-year based on revisions to data going back to 2008.

Construction spending was impacted by multiple factors including costs of labor and building materials and inclement weather in some areas of the United States. As peak home buying season winds down to fall and winter, builders are expected to reduce spending. Builder concerns over the impact of tariffs on imported building materials continued to affect builders’ budgets.

Mortgage Rates Fall, Weekly Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week; the average rate for 30-year fixed rate mortgages was nine basis points lower at 3.49 percent. Rates for 15-year mortgages were six basis points lower and averaged  3.00 percent.

Rates for 5/1 adjustable rate mortgages averaged 3.30 percent and were one basis point lower. Discount points averaged 0.50 percent for 30-year fixed rate mortgages, 0.60 percent for 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose by 1000 claims to 217,000 new claims filed. Analysts expected 214,000 initial jobless claims based on the prior week’s reading of 216,000 first-time claims filed. No signs of layoffs were indicated in relation to the higher reading for new jobless claims.

The monthly reading for new jobless claims showed 216,250 new claims filed and was higher by 1500 new claims filed. The monthly reading is considered more stable than week-to-week readings for initial jobless claims.

Public and Private-Sector Jobs Reports Mixed, Unemployment Rate Holds Steady

ADP reported 195,000 private-sector jobs added in August. The Commerce Department reported 130,000 public and private sector jobs added; analysts expected 170,000 jobs added in August. The national unemployment rate was unchanged at 3.70 percent.

What’s Ahead

This week’s scheduled economic news includes readings on inflation, retail sales and consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

Spread the Love!

support

Filed Under: Financial Reports Tagged With: Financial Reports, Interest Rates, Mortgage Rates

Contact Todd

Equity Smart Home Loans
Mortgage Loan Officer
tgrey@equitysmartloans.com
Call (818) 435-6560
NMLS #1594405

Follow Me on Social Media!

How can I help?

  • This field is for validation purposes and should be left unchanged.

Categories

Archives

Recent Posts

  • What’s Ahead For Mortgage Rates This Week – June 27, 2022
  • Can I Qualify for a Mortgage After Declaring Bankruptcy? Yes — and Here’s How
  • A Home Loan For an AirBnB Property: What To Know
  • 3 Closing Costs That Most Buyers Forget to Factor in and What You Can Expect to Pay
nmlsconsumeraccess.org
Equity Smart Home Loans NMLS ID: 856170
CA Bur of Real Estate - Real Estate Broker - DRE#01906808

Equal Housing Lender

Location


1499 Huntington Dr Ste 500
South Pasadena, CA 91030

Copyright © 2022 · Generate Pro on Genesis Framework · WordPress · Log in