The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment rose by 1.8 million in July.
News in end use
FEA’s Weekly Order Survey Respondents are Reporting Their Sales Continue to Accelerate
Dealers responding to this week’s Weekly Order Survey remain positive about their current business’ status and are reporting that their sales continue to accelerate.
Housing Affordability Hits 18-Month Low in Second Quarter of 2020
According to the National Association of Home Builders (NAHB) /Wells Fargo Housing Opportunity Index (HOI), housing affordability declined in the second quarter of 2020.
Builder Confidence in 55+ Housing Market Back to Pre-Pandemic Level
According to the recently released National Association of Builders’ (NAHB) 55+ Housing Market Index (HMI) builder’s confidence in the single-family 55+ housing market increased 27 points to a reading of 65 in the second quarter.
Weekly Jobless Claims Decline More Than Anticipated in the Week Ending 1st August 2020
The U.S. Department of Labor is reporting that an additional 1.186 million Americans made their initial filing for unemployment benefits during the week ending on Saturday August 1st.
Mortgage Rates Hit Another Record Low in Week Ending 6th August 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 6th August 2020.
ADP Reports National Employment in the Private Sector Increased in July
According to the July ADP National Employment Report®, private sector employment increased by 167,000 jobs from June to July.
Mortgage Loans in Forbearance Decrease for Seventh Week in a Row
The Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey for July 26th, reports that the total number of loans now in forbearance decreased by 7 basis points from 7.74% of servicers’ portfolio volume in the prior week to 7.67% as of July 26th, 2020.
Mortgage Applications Decline Week Ending July 31st 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending July 31st, 2020, the Market Composite Index decreased -5.1% on a seasonally adjusted basis from one week earlier.
The Spread Between Mortgage Rates and Treasury Notes Increases in July
The 10-year U.S. Treasury note is traditionally a stand-in measure of the risk-free rate that the U.S. government offers on debt. However, although the 10-year U.S. Treasury note experienced a downward trend in July, dipping below 0.6%, mortgage rate through July failed to decrease proportionately.