Your Economic Update and Mortgage Minute 6/23/2020

Published | Written by Pamela Briggs

  Economic Updates:

  • Federal Reserve continues to come up with ways to stabilize the markets and interest rates. Federal Reserve Chairman also asked Congress to do more to help Main Street and not as much Wall Street

  • The stock market may have a small gain for the week. Still a lot of concern about Covid 19 and unemployment numbers.

  • Initial Jobless claims report was expecting to drop from 1.5 million to 1.2 million. Yesterday the report came back – another 1.5 million people still filed initial jobless claims.  Did not drop as expected.

  • China and US tension continue next week over trade issues, stolen trade secrets, Hong Kong, and issues about the coronavirus.

  • Congress continues fighting over another stimulus package (helping States and Local Counites) waiting to see if they can get this passed. They are also talking about sending checks to consumers again. We will see how this comes out…

  • Mortgage Applications this week continue to show a recovery. Purchase applications were up for a 9th week in a row - another 7% this week and refinances were up another 11%. Busy times…

  • Market Movers Next Week: Several Economic Reports will shape the stock market and affect rates next week: Housing Data – existing and new home sales / PCE Report – Federal Reserve Report which tracks inflation / Mortgage Application Report / Initial jobless claims / and the important GDP report.

 

Current Interest Rates:

06/19/20 – Interest rates will be volatile this week!! (Based on a 740 FICO / Purchase / 20% down / Single Family / 0 Points) *

30 Year Fixed Conforming

3.250%    (3.360% APR) 

15 Year Fixed Conforming

2.750%    (2.854% APR) 

30 Year VA/FHA Loan Conforming

2.750%    (2.919% APR)

30 Year High Balance Conforming

3.625%    (3.721% APR)    

 

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