Tag Archive for ‘COVID-19’

Purchasing Activity Recovers from April Lows

Current mortgage activity, as indicated by the Mortgage Bankers Association’s latest Weekly Application Survey, indicates a slight rise in purchasing activity and slight decline in refinancings of existing home loans, each by about 6% on a seasonally adjusted basis. Overall, the Market Composite Index decreased by about 2.6%. The contract rate as determined by the Primary Mortgage Market Survey slid… Read More ›

Mortgage Delinquencies Rise in Q1 2020

The first quarter of 2020 witnessed dramatic economic news, owing to the outbreak of COVID-19. Among these changes were those of American homeowners, whose abilities to keep up with their mortgages were adversely affected by the economic injury brought on by the pandemic, as reflected in 2020’s first quarter results of the Mortgage Bankers’ Association’s National Delinquency Survey. Since the… Read More ›

Muted Fervor in the Final Weeks of Spring Homebuying

Since its previous week’s reading, which also marked a record low in the series, the Mortgage Bankers Association’s 30-year fixed-rate mortgage contract rate edged up by 3 basis points to 3.43%. The Market Composite Index, measuring mortgage loan application volume for purchases and refinancings, increased by 0.3% on a seasonally adjusted basis from one week prior. The MBA cites the… Read More ›

Deflationary Pressure: Largest Monthly Drop in the “Core” CPI in April

The CPI declined for the second straight month and the “core” CPI posted the largest monthly drop in the history of data series. Like many other economic indicators, the recent declines in the CPI and the “core” CPI reflected economic weakness associated with the COVID-19 pandemic. The Consumer Price Index (CPI), released by the Bureau of Labor Statistics (BLS), declined… Read More ›

Payroll Employment Plunged in April

Total payroll employment fell by 20.5 million in April and the unemployment rate soared to 14.7%. Residential construction employment decreased by 415,000 in April to 2.5 million. This drop brought the current level of residential construction employment back to the level in December 2015 (2,538,000 jobs). Total construction industry (both residential and nonresidential) employment dropped by about 1 million to… Read More ›

Loan Officer Survey Highlights Gaps In Mortgage and Construction Loan Demand

The theme of the latest Senior Loan Officer Opinion Survey reflecting banks’ lending practices, in the first quarter of 2020, is one that is echoed in other reports produced by organizations in the financial services sector. Amid the continuing efforts to slow the spread of COVID-19, focusing on existing assets and clients is more important than expanding balance sheets to… Read More ›

Another 3.2 Million Jobless Claims Filed

According to the Unemployment Insurance Weekly Claims Report, released by the U.S. Department of Labor, the number of initial claims for unemployment insurance hit 3.2 million for the week ending May 2nd, bringing the total to 33.5 million over the past seven weeks. In the week ending May 2nd, the number of people who applied for unemployment benefits, known as… Read More ›

Jobless Claims Reach 30 Million Over the Past Six Weeks

The U.S. Department of Labor released the Unemployment Insurance Weekly Claims Report for the week ending April 25th. As the impact of the COVID-19 pandemic continues, the number of initial claims for unemployment insurance hit 3.8 million, bringing the total jobless claims to 30.3 million over the past six weeks. In the week ending April 25th, the number of people… Read More ›

GDP Declines for First Time Since 2014

The U.S. economy declined in the first quarter of 2020 due to the impact of the COVID-19 pandemic. Consumer spending, gross private domestic investment, exports and imports all decreased. According to the “advance” estimate  released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) decreased at an annual rate of 4.8% in the first quarter of 2020,… Read More ›