• CMG MORTGAGE, INC. NMLS #1820
  • Lourdes Best
  • News
  • Market Forecast: JOLTS, Mortgage Apps, and Consumer Price Index

Market Forecast: JOLTS, Mortgage Apps, and Consumer Price Index

  • June 05, 2019

CMG Image

The only housing report of significance this week will be the Mortgage Bankers Association (MBA) weekly mortgage application survey.  Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and the consumer price index.

The JOLTS reports details changes in the rate of job openings, hiring, and voluntary quits.  In March, job openings surged to a seasonally adjusted level of 7.5 million.  The hiring rate fell slightly to a level of 5.7 million, lagging behind the number of jobs open.  With a record-low unemployment rate, employers are struggling to find workers to fill open positions as the market nears full employment. 

The MBA weekly mortgage application survey tracks week to week changes in the submission of new purchase and refinance mortgage application submissions.  Despite the lowest mortgage rates in a year and a half, home buyers are not making real estate moves, with new purchase applications down 2.0%.  Homeowners, however, are taking advantage of lower rates, with refinance applications up 6.0%.  Overall, the index had a composite increase of 1.5%. 

The consumer price index tracks monthly changes in the costs of a fixed basket of goods and services and is used to gauge inflation.  In April, the consumer price index increased 0.3% month-over-month driven by higher gas prices and rising rents.  Annually, the index is up 2.0%.  Excluding volatile food and energy costs, the index is up 0.1% month-over-month and 2.1% year-over-year. 

Federal Reserve Bank of St. Louis President James Bullard made headlines last week with comments that a rate cut “may be warranted soon.”  In his own words, Bullard explained the Fed, “faces an economy that is expected to grow more slowly going forward, with some risk that the slowdown could be sharper than expected due to ongoing global trade regime uncertainty.”  Even without a rate hike, average mortgage rates are hovering around the lowest levels in over a year.

 

Sources: CNBC, CNBC, Econoday, MarketWatch, MarketWatch, Mortgage News Daily, The Wall Street Journal

Lourdes Best
Loan Officer
NMLS # 341095
Branch NMLS # 1647193


Lourdes Best

PHONE: (910) 684-4924
lbest@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).