- MBA Purchase Applications – Applications for home purchases fell 1.0% to extend a flat trend. Year-on-year, applications are down 14.0%.
- Jobless Claims – Initial claims fell a very sizeable 14,000 to a level that is 6,000 below the low end of the Econoday consensus.
- Consumer Credit – Consumer credit rose $17.3 billion in June and was driven once again by the nonrevolving component, which rose $16.3 billion on vehicle financing.
According to the Primary Mortgage Market Survey released by Freddie Mac, averaged fixed-rate mortgage rates moved slightly higher while remaining near this year’s lows during the past month.
30-year fixed-rate mortgages (FRMs) averaged 4.14% with an average 0.7 point for the week ending August 7, 2014, up from last week when they averaged 4.12%. A year ago at this time, 30-year FRMs averaged 4.40%.
15-year FRMs this week averaged 3.27% with an average 0.6 point, up from last week when they averaged 3.23%. A year ago at this time, 15-year FRMs averaged 3.43%.
5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.98% this week with an average 0.5 point, down from last week when they averaged 3.01%. A year ago, 5-year ARMs averaged 3.19%.
1-year Treasury-indexed ARMs averaged 2.35% this week with an average 0.5 point, down from last week when they averaged 2.38%. At this time last year, 1-year ARMs averaged 2.62%.
A volatile week ended on a high note for stocks. The Dow Jones Industrial Average jumped 185 points Friday, helping boost it to a weekly gain of more than 1%. The S&P 500 also rose slightly above 1% for the week, while the NASDAQ advanced 0.8%.
The Week Ahead
Wednesday, August 13
MBA Purchase Applications (7:00 a.m. ET) – The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
Retail Sales (8:30 a.m. ET) – Retail sales measure the total receipts at stores that sell merchandise and related services to final consumers. Sales are by retail and food service stores.
Thursday, August 14
Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time.
Visit the Quicken Loans Zing Blog for updated information on important economic releases that affect your wallet.