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Mortgage Rates Inch Up Slightly - 6/5/20


Economy News

  • Manufacturing activity rebounded from an 11-yr low in May, the strongest sign yet that the worst of the economic downturn is behind us as businesses reopen.


  • Construction spending rose year over year in April, despite a dip due to the recent lockdowns. Residential spending was 6.2% higher than in 2019.


  • Initial jobless claims dropped below 2 million for the first time since mid-March, continuing a pattern of weekly declines.

Housing News

  • According to a May survey, 52% of home builders are using incentives to bolster sales. Incentives include paying closing costs/fees, offering free or reduced-cost upgrades, and discounting prices.


  • Home prices in April saw their biggest gain in 2 years, up 5.4% annually, and 4.5% from March. Inventory of entry-level homes fell 25% in April from a year earlier.


  • A recent survey of 1,700 homebuyers suggests they are acclimating to the tight inventory. 41% say they’d be willing to go over budget by an average of $25,000 for the home they want.


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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