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Mortgage Rates Hold Steady at Record Lows - 7/2/20

 

Economy News

  • Consumer confidence jumped more than expected in June, as loosened stay-at-home and quarantine restrictions raised hope for an economic recovery.

 

  • The labor market rebound accelerated in June with the gradual re-opening of the economy. Payrolls rose by 4.8 million, and unemployment fell to 11.1% from more than 13% in May.

 

  • Fed minutes released from last month’s meeting noted a need for “highly accommodative monetary policy for some time,” which signals mortgage rates should remain low.

Housing News

  • According to Case-Shiller, home price gains remained steady in April despite the coronavirus pandemic. The index posted a 4% year-over-year increase, up 3.9% from March.

 

  • Pending home sales were up in May, spiking a record 44.3% over April. That beat expectations of a 15% rise, although sales were still 5.1% lower than last year.

 

  • Inventory of homes for sale continues to hold back the housing market. The supply of existing homes in May was nearly 19% lower annually according to NAR.

 

Published interest rates based off the following scenarios: Conventional, Homeready; $380k loan amount, 80% LTV, 740+ Credit Score and rate lock good for 30days. FHA; $380k loan amount, 96.5% LTV, 740+ Credit Score, and rate lock good for 30 days. VA; $380k loan amount, 100% LTV, 740+ Credit Score, and rate lock good for 30 days. High Balance Conforming; $575,000 loan amount, 75% LTV, 740+ Credit Score and lock good for 30 days. Jumbo; $800,000, 75% LTV, 760+ Credit Score and rate lock good for 30 days.

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