• According to the IRS, their first draft of the new 1040 form will only have 23 lines instead of 79 lines. 
  • New home sales in May 6.7% to annual pace of 689k new homes
  • Consumer Confidence in June dropped from 128 in May to 126.
  • According to Experian the average Coloradan credit score last year was 688 and the average person had 3.133 credit cards with an average outstanding balance of $6,718 on average on those cards.
  • The final read on Q1 2018 GDP came in at 2%, below the second reading of 2.2%. The Atlanta Fed's model for Q2 GDP sees 4.5% growth.
  • The Core PCE, the Fed's favorite inflation report, rose 0.2% and prices are up exactly 2% over the last 12 months, which is the Fed's Magic Number
  • Personal income in May rose 0.4% and spending rose 0.2% last month. 
  • The July Jobs Report showed our economy added 213k new jobs last month with revisions for April and May showing an additional 37k jobs created.
  • The Labor Force Participation Rate rose to 62.9% from 62.7% as more Americans entered the workforce. 
  • Wage growth remains a problem with average hourly earnings rising 0.2% down from 0.3% in May. Year over year, wage growth was 2.7%, unchanged from May.

Rate Update:

  • Conventional 30 year 4.75%/APR 4.867%
  • FHA 30 year 4.50%/APR 5.54%
  • FHA 30 year with a 580 Fico Score 5.50%/APR 6.554% 
  • FHA 30 year with a 550 Fico Score 5.75%/APR 6.804%
  • VA 30 year 4.50%/APR 4.71%
  • VA 30 year with 550 Fico Score 5.75%/APR 5.96%
  • CHFA First Step (FHA loan) Down Payment Assistance Program 30 year fixed at 5.125%/6.165%
  • CHFA Conventional Down Payment Assistance Program 30 year fixed at 5.375%/APR 5.970%
  • Conventional 3% down with NO PMI 5.625%/APR 5.798%
  • Jumbo 30 year 4.50%/ APR 4.617%
  • Jumbo 7/1 ARM 4.125%/ APR 4.125%

Courtesy of Lonnie Glessner of Nova Home Loans

Lonnie Glessner
Nova Home Loans 
1805 Shea Center Drive #450
Highlands Ranch, Colorado 80129

Office: 720.279.5963
Fax: 720.545.2579
Cell: 303.881.6374
Lonnie.Glessner@NovaHomeLoans.com 
NMLS 270417
COMB 100008910
Regulated by the Colorado Division of Real Estate