• CMG MORTGAGE, INC. NMLS #1820
  • Bobbi Jones
  • News
  • Market Forecast: Consumer Credit, Job Openings, MBA Applications

Market Forecast: Consumer Credit, Job Openings, MBA Applications

  • July 08, 2019

CMG Image

Mortgage rates are still hovering around year-long lows, following dovish remarks by the Federal Open Market Committee at their June meeting.  This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey.  Other market-moving reports include consumer credit and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS). 

Consumer credit counts total outstanding consumer debt including revolving credit like monthly credit card bills and nonrevolving credit like student loans and auto loans.  In April, consumer credit increased by $17.5 billion, the most in five months.   Non-revolving credit increased by 4.2% and revolving credit increased by 7.9%, suggesting consumers are more actively spending.

The Job Openings and Labor Turnover Survey (JOLTS) tracks job openings, hiring, and voluntary quits.  Job openings fell slightly to a level of 7.45 million.  Hiring hit a record high in April, hitting 5.9 million. 

The weekly mortgage application survey returned mixed results for the week ending 6/28.  New purchase application submissions increased 1.0% and refinance application submissions decreased 1.0% for a composite decrease of 0.1%.   Mortgage rates are likely to stay low for the rest of the year, triggering new purchase and refinance mortgage activity.  

Strong consumer spending and a strong labor market typically translate to economic growth.  The housing market is also expecting a gainful second half of the year with lower mortgage rates and a slowdown in home price appreciation. 

 

Sources: Bloomberg, CNBC, CNBC, MarketWatch, Mortgage News Daily

Bobbi Jones
Branch Manager
NMLS # 337709
Branch NMLS # 1813197
DE

Bobbi Jones

PHONE: (302) 531-8585
bobbijones@cmgfi.com

APPLY NOW
CMG Image
© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).