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Mortgage Rates Remain at Record Lows - 8/7/20

 

Economy News

  • Freddie Mac’s weekly average interest rate on 30-yr., fixed-rate mortgages hit its lowest level in the survey’s 49-year history. This is the 8th time this year for record lows.

 

  • The ISM manufacturing index increased to 54.2 in July, indicating manufacturing expansion for the 3rd consecutive month after the spring’s steep collapse.

 

  • Initial jobless claims fell more than expected last week to the lowest since the pandemic started. The broad decline across nearly all states suggests labor market improvement.

Housing News

  • Home prices increased 4.9% in June, even higher than May’s 4.1% annual increase, according to CoreLogic. Prices climbed 1.0%, the fastest monthly gain for June since 2013.

 

  • Despite rising prices, home affordability was the best level in 4 years, requiring only 19.8% of the median monthly income to make the mortgage payment on an average priced home.

 

  • Construction spending fell for the 4th straight month in June. However, even after the declines, spending at the end of June was 5% higher than it was through the first 6 months of 2019.

 

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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