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Purchase apps and home prices are up! {Market Report} August 17th

Purchase apps and home prices are up! {Market Report} August 17th
August 17, 2020 abryant

 

I miss the days when you had to smack the side of the TV because the channel wasn’t coming in clearly.

A body like mine does not happen over night…it takes large fries, extra slices of pizza and years of neglect.

Based on how I react when toast pops out of the toaster, maybe the haunted house ride is not for me.

The only thing I like better than talking about food is eating.

When your children are teenagers , it’s important to have a dog so that someone in the house is happy to see you.

 

Now The Market Report . . .

 

Producer prices increased by the most in more than 1-1/2 years in July, but the overall trend in producer inflation remained subdued amid signs the economy’s recovery was faltering.

Consumer prices jumped 0.6% in July. However, inflation remains in check with consumer prices up just 1% over the past year. Low inflation is good for mortgage rates.

Initial jobless claims for last week came in below 1 million for the first time since March. Continued claims dropped to 15.5 million, the lowest level since early April.

 

Although it would be expected that low rates are fueling refinance mortgage applications, purchase applications rose 2% for the week and were 22% higher than a year ago.

Home prices continued to rise in the 2nd qtr. The median single family home price increased year over year in 96% of measured markets, with a national median of $291,300.

The FHFA implemented a new adverse market refinance fee of 0.5% this week, affecting refinances sold to Fannie Mae and Freddie Mac. The fee came as a surprise to lenders.

 

“If at first you don’t succeed, then skydiving definitely isn’t for you.”
Steven Wright

 

This week’s potential market moving reports are:

Monday, August 17th:         National Association of Home Builders Index
Tuesday, August 18th:        Housing Starts, Building Permits
Wednesday, August 19th:   FOMC Minutes
Thursday, August 20th:      First Time Jobless Claims
Friday, August 21st:             Existing Home Sales

 

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.

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