Headline News from Last Week
- MBA Purchase Applications – Purchase applications remained weak, dropping 2.0%.
- Jobless Claims – Initial claims rose 4,000 to 302,000. Continuing claims decreased 64,000.
- Employment Situation – Payroll jobs jumped 142,000 after a 212,000 increase in July. The unemployment rate also eased back to 6.1%.
According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgage rates held steady for the third straight week amid light economic reports.
30-year fixed-rate mortgages (FRMs) averaged 4.10% with an average 0.5 point for the week ending September 4, 2014, unchanged from last week. A year ago at this time, 30-year FRMs averaged 4.57%.
15-year FRMs this week averaged 3.24% with an average 0.5 point, down from last week when they averaged 3.25%. A year ago at this time, 15-year FRMs averaged 3.59%.
5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.97% this week with an average 0.5 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.28%.
1-year Treasury-indexed ARMs averaged 2.40% this week with an average 0.4 point, up from last week when they averaged 2.39%. At this time last year, 1-year ARMs averaged 2.71%.
The Dow Jones Industrial Average reached a record high of 17,161.55 before dropping 0.05% for the week. The S&P 500 hit a high of 17,069.58 before also decreasing 0.05%. The NASDAQ declined 0.02% and closed at 4,562.29.
The Week Ahead
Wednesday, September 10
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.
Thursday, September 11
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.
Friday, September 12
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.
Visit the Quicken Loans Zing Blog for updated information on important economic releases that affect your wallet.
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