Estee Soto Gregg
Market Movement
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Estee Soto Gregg

Investors,Tips and Advices
July 1, 2020

Mortgage rates trended slightly downward this week, ahead of next week’s Federal Open Market Committee (FOMC) meeting.  Mortgage application submissions fell slightly after the previous week of substantial gains.  Home prices appreciated modestly.  Existing home sales turned around after last month’s decline.  Jobless claims remain historically low.

THIS WEEK'S POTENTIAL VOLATILITY 
 

MORTGAGE RATES CURRENTLY TRENDING LOWER

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  • For the week ending 1/17, the MBA weekly mortgage application survey had a composite decrease of 1.2%.  Both new purchase and refinance application submissions declined 2.0% week-over-week.  Despite the decrease, refinance applications are still near the highest level in four months as many homeowners are taking advantage of lower mortgage rates.

  • The Federal Housing Finance Agency (FHFA) house price index reviews a smaller data subset than the Case-Shiller home price index but is still used to review home price appreciation trends.  In November, the index appreciated 0.2% month-over-month and 4.9% year-over-year.

  • Existing home sales climbed 3.6% month-over-month in December to a seasonally adjusted annual pace of 5.54 million.  Available for-sale home inventory dropped form a 3.7-month supply to a 3-month supply, suggesting a competitive home buying season is ahead.

  • For the week ending 1/18, initial jobless claims increased to a level of 211,000.  Continuing claims fell to a level of 1.73 million.

This week's important economic reports include: 
  • New home sales
  • Case-Shiller home price index
  • Consumer confidence index
  • MBA applications
  • Pending home sales index
  • FOMC announcement
  • Weekly jobless claims
  • GDP
  • Personal income, consumer spending, core price index
  • Consumer sentiment index

WEEK OF JANUARY 27, 2020



Katherine Canepa 
NMLS# 368244 | Branch NMLS# 1650934 
Loan Officer | CMG Financial 

Mobile:  

3105 NW 107 Ave Suite 505 | Doral, FL 33172


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