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Mortgage Rates Rise - 6/3/2022

 

Economy News

  • The Fed’s preferred inflation gauge, the core PCE, rose 4.9% year over year in April, a deceleration from March and in line with estimates.

 

  • According to ADP, May saw the fewest jobs added since the pandemic recovery began, despite a record level of job openings.

 

  • Even with the hiring slowdown, demand for labor remained strong. Both new and continuing unemployment claims fell for the week.

Housing News

  • According to Case-Shiller, home prices nationally were 20.6% higher in March than in March 2021, despite higher mortgage rates.

 

  • Realtor.com reports home listings increased for the first time since June 2019, suggesting housing supply could be improving.

 

  • Construction spending rose slightly in April. Single family home spending grew by 0.5%, and multi-family home spending was up 0.8%.

 

Published interest rates based on the following scenarios: Conventional HomeReady/HomePossible $450,000 purchase price, 95% LTV, 740+ credit score. FHA $450,000 purchase price, 96.5% LTV, 740+ credit score. VA $450,000 purchase price, 100% LTV, 740+ credit score. High Balance Conventional $750,000 purchase price, 90% LTV, 740+ credit score. Jumbo $1M purchase price, 75% LTV, 760+ credit score. Rates subject to change, 30 day rate locks quoted.

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