The spread between the 10-year U.S. Treasury rate and the 30-year fixed-mortgage rate in August was depicted by weekly declines, only to rise minutely by the first week of September.
News in end use
U.S. Mortgage Forbearance Rate Drops to Lowest Level Since Mid-April
According to the Mortgage Bankers Association (MBA), the U.S. forbearance rate in the last week of August (8/28) fell to the lowest level since mid-April.
Mortgage Lending Sets a 20-year Record in Q2 2020 with $1.1 Trillion in Loans
According to Black Knight, one of the premier providers of integrated technology, data and analytics for lenders and servicers, lenders in the U.S. issued $1.1 trillion dollars in home loads between April and June, marking the biggest quarter in at least two decades.
Mortgage Applications Increase in Week Ending September 4th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending September 4th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 2.9% on a seasonally adjusted basis from one week earlier.
Homebuyers Purchasing Power Increases in July, Only to be Offset by Greater Increase in Home Prices
According to Redfin, a Seattle based technology-powered residential real estate company, in July homebuyers purchasing power increased by 6.9%. This thank to the current historically low mortgage rates.
Bureau of Economic Analysis Reports Personal Income Increased in July
The Bureau of Economic Analysis (BEA) is reporting that personal income in July, increased to a seasonally adjusted annual rate (SAAR) of 420,043 billion. Up 0.4%, after a -1.0% drop in June.
Residential Construction Employment Grows in August but Nonresidential Construction Employment Declines
A closer examination of the Bureau of Labor Statistics (BLS) August total nonfarm payroll employment report, looking specifically at the construction sector, reveals that residential construction employment rose by 27,700 in August to 2.9 million.
Total Nonfarm Employment Rises in August as Unemployment Falls
According to the Bureau of Labor Statistics (BLS) total nonfarm employment increased by 1.4 million in August, and the unemployment rate fell to 8.4%.
Number of Homes For Sale in U.S. Declines for Twelfth-Straight Month in July
According to Redfin, a Seattle based technology-powered residential real estate company, the number of homes for sale declined for the twelfth-straight month in July, plunging near 20% to just 1.9 million homes – the lowest level of any month of July on record.
Mortgage Rates Inch Higher But Still Remain Below 3% in Week Ending 3rd September 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 3rd September 2020.