Michael Santos

MLB Residential Lending

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What’s Ahead For Mortgage Rates This Week – July 27, 2020

July 27, 2020 by Michael Santos

What's Ahead For Mortgage Rates This Week - July 27, 2020Last week’s economic reporting included readings on sales of new and previously owned homes. State and federal data on new and continuing jobless claims were released along with Freddie Mac’s weekly report on mortgage rates.

Sales of New and Existing Homes Rise in June

Sales of new homes rose at their highest rate in 13 years according to the Commerce Department. New homes sold at a seasonally-adjusted annual pace of 776,000 sales, which exceeded the expected reading of 710.000 new single-family homes sold and May’s reading of 682,000 new homes sold. Analysts said that increased interest in relocating to suburban areas and low mortgage rates fueled buyer interest in new homes.

The National Association of Realtors® reported a sharp increase in sales of previously-owned homes during June. Sales were nearly 20.70 percent higher than in May; 4.72 million previously-owned homes were sold in June at a seasonally-adjusted annual pace. May’s reading for pre-owned homes sold was 3.91 million homes sold. June’s sales pace for previously owned homes was the highest month-to-month gain since 1968.

Sales of previously-owned homes were sharply lower than pre-pandemic levels; potential home buyers were sidelined by concerns over jobs and the general economy.

Mortgage Rates Rise, Jobless Claims Mixed

Freddie Mac reported higher mortgage rates last week. Rates for 30-year fixed-rate mortgages averaged 3.01 percent and were three basis points higher. Rates for 15-year fixed-rate mortgages rose by six basis points to an average of 2.54 percent; Mortgage rates for 5/1 adjustable rate mortgages averaged 3.09 percent and were three basis points higher. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 0.70 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

Initial jobless claims rose to 1.42 million claims from the prior week’s reading of 1.31 million claims. State and federal jobless claims fell to 2.35 million state and federal jobless claims from the prior week’s reading of 2.47 million initial jobless claims filed. Ongoing state jobless claims fell to 16.20 million claims as compared to the prior week’s reading of 17.30 million ongoing jobless claims. State and federal continuing jobless claims fell to 31.80 million claims from the prior week’s reading of 32.00 million ongoing claims for state and federal jobless claims.

What’s Ahead

This week’s scheduled economic reports include readings from S&P Case-Shiller Home Price Indices, data on pending home sales and the Fed’s FOMC post-meeting statement and press conference. Weekly readings on mortgage rates and new and continuing jobless claims will be released along with a monthly report on consumer sentiment.

Filed Under: Financial Reports Tagged With: COVID19, Finance, Mortgage Tips, Unemployment

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Branch Manager Executive / Mortgage Loan Originator

Top Loan Originator Since 2001

Call (908) 296-6608

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MLB Residential Lending, LLC.
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Union, NJ 07083

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Michael Santos is not licensed in NY and this site is not intended for NY loans.
Michael Santos NMLS #199875 • MLB Residential Lending, LLC. NMLS# 1101220. Michael originates NJ loans only. MLB Residential Lending, LLC. is located at 51 Commerce Street, Springfield, NJ 07081, 732.243.0140. MLB Residential Lending, LLC. NMLS#: 1101220 is a residential lender, licensed by the NJ Department of Banking and Insurance; licensed by the PA Department of Banking and Securities; licensed by the CT Department of Banking; licensed by the DE Dept. of the Banking Commissioner; and is licensed under the FL Mortgage Lender Service License # MLD1128. All rates are subject to change without notice. MLB in no way, claims to represent or to conduct business on behalf of HUD, the FHA or the Federal Government. This site is not authorized by the New York State Department of Financial Services. THIS SITE IS INTENDED ONLY FOR NJ CONSUMERS.

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