Each week, Craig Turley has fun with numbers. This week Craig looks at the week ahead, Arizona mortgage rates, and last week’s important job numbers report released June 1.
1.) Roller Coaster: The best execution 30-year fixed rate dropped week on week from 4.78% to 4.60% according to Mortgage News Daily Survey to end the week. The week started with improvements due to political questions in Italy, however, quickly reversed due to strong job numbers and some wage pressure.
2.) Heat Check: As I type this it is 108 degrees in Phoenix. 108. This is still 14 degrees cooler than the all-time high temperature of 122 degrees recorded June 26, 1990. Don’t worry about me though, it’s a dry heat and I’m indoors.
3.) Pet peeve: While we are discussing heat, as a general rule, please do not walk your dog(s) on the pavement when temperatures are above 90 degrees. Temperatures on sidewalks may get in excess of 150 degrees in Arizona, so get them out early or later after the sun goes down for their walks. If it is too hot for your palm of your hand or your bare feet, it is probably too hot for your pooch.
4.) U6: The national employment numbers for May indicated the unemployment rate dipped to 3.8%. However, the less reported U6 is the all-in unemployment number. The U6 includes total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons. The u6 checked in at a 17 year low of 7.6%. (Source: MBS Highway)
5.) Honors: I am pleased to share some recent recognition. Arizona Mortgage Advantage, LLC made the list at one of our preferred partners as one of only 16 companies nationwide who averaged less than 15 days from loan submission to clear to close in the month May. We averaged 12 days from submission to clear to close. We are able to achieve this because we have great clients, we have experience, and we work with only our client’s best interest in mind.
Bonus: On Friday, June 1, 2018, Lebron James became the first player in NBA Finals history to score at least 50 points (51) and lose. Let’s take a time out of respect.
Until next week,
109 degrees today in Phoenix. June 26, 1990 – Temperature was 122 degrees.