|For the Week Ending August 4, 2017|
Pending Home Sales
After three consecutive monthly declines, the pending home sales index turned around and jumped by a much stronger than anticipated 1.5 percent in the month of June. The housing market struggled through the Spring
Mortgage Bankers Association Loan Application Weekly Data
With mortgage rates remaining steady for the week, applications for purchases and refinances declined slightly. The seasonally adjusted move in activity were purchase applications went down by 2.0 percent whereas
Surprisingly, the June construction spending report declined 1.3 percent. This is a reversal from the prior month’s revised increase of 0.3 percent. It appears that spending in this sector moved in a similar fashion
Single-family residential construction spending increased 0.3 percent. Multi-family headed in the opposite direction with a decline of 0.2 percent. When looking at the latest data, it is always important to note
First Time Jobless Claims, Factory Orders, Manufacturing
Even with the seasonal retooling in the automotive industry, first time jobless claims remain extremely low at only 240,000 for the week ending July 29th. Typically for this time of year, a jump in claims is seen
Factory orders jumped 3.0 percent for June. Higher than expected aircraft orders played a major role in the increase. Manufacturing continues to show great strength with a reading of 56.3.
Next week’s potential market moving reports are:
• Monday August 7th – Labor Market Conditions Index
As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way
Please enjoy this quick update on what happened this week in the housing and financial markets.
|Consumer spending rose slightly in June, but there was little sign of inflation as personal consumption expenditures barely moved. No inflation is good for
|The already strong labor market continues to tighten, with fewer jobless claims and layoffs last week. Claims have now been below 300,000 for 126 weeks.|
|Construction spending fell unexpectedly in June, mainly due to a drop in public projects. Private residential construction was down only 0.2% in June.|
|Mortgage applications fell slightly this week, down 2.8%. However, purchase applications were 9% higher than the same week a year ago.|
|Pending home sales were up in June, after 3 straight monthly declines. NAR’s Pending Home Sales Index jumped 1.5%, double economists’ expectations.|
|The housing market remains constrained by a shortage of properties for sale. Homebuilders struggle to fill the gap, citing higher costs and labor shortages.|
To the optimist, the glass is half full.
To the pessimist, the glass is half empty.
To the underwriter, it doesn’t really matter. You just need to provide the receipt for when you bought the glass.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These
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