July 23, 2020

Mortgage rates increase slightly as job market weakens

6 minutes

In today’s Daily Download episode, HousingWire covers Freddie Mac’s latest Primary Mortgage Market Survey that shows an uptick in mortgage rates.

For some background on the story, here’s a summary of the article:

Mortgage interest rates rose from a record low this week, increasing above the 3% threshold, as a resurgence in COVID-19 infections in the U.S. caused lenders to worry about the jobs market.

The average rate for a 30-year fixed mortgage is 3.01%, Freddie Mac said on Thursday, up from 2.98% last week, which marked the first time the rate fell below 3%. The 15-year rate averaged 2.54%, up from last week when it was 2.48%, the lowest in a data series going back almost 30 years, according to the mortgage financier.

Mortgage rates rose as lenders reacted to news of record-setting COVID-19 infections in some of the nation’s biggest states. The resurgence of the pandemic caused jobless claims to rise this week for the first time since late March, the Labor Department said in a report on Thursday.

“The concern is that the pause in economic activity will cause unemployment to remain elevated, which will lead to longer-term labor market distress,” said Sam Khater, Freddie Mac’s chief economist.

Following the main story, HousingWire covers the National Association of Realtors announced support of the First Time Homebuyer Pandemic Savings Act and Realtor.com’s newly launched iBuying partnership site.

The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.

HousingWire articles covered in this episode:

Mortgage rates rise on job-market concerns

NAR lends support to First Time Homebuyer Pandemic Savings Act

com launches new iBuying partnership site to show home sellers all their options

...more