Monday, May 23, 2016

Tuesday: New Home Sales, Richmond Fed Mfg, Q1 2016 Household Debt and Credit Report

by Bill McBride on 5/23/2016 08:42:00 PM

Tuesday:
• At 10:00 AM ET, New Home Sales for April from the Census Bureau. The consensus is for a increase in sales to 523 thousand Seasonally Adjusted Annual Rate (SAAR) in April from 511 thousand in March.

• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for May.

• At 11:00 AM, The New York Fed will release their Q1 2016 Household Debt and Credit Report

From Matthew Graham at Mortgage News Daily: Mortgage Rates Continue Sideways for 3rd Straight Day

Mortgage rates were relatively steady again, marking the third straight business day with almost no rate movement following last week's quick spike higher. That spike was all about financial markets quickly coming to terms with a higher probability of a Fed rate hike. Given that there hasn't been any movement since then, we can increasingly assume that markets took care of this business by Wednesday afternoon. While it's reassuring that we haven't seen any additional move higher in rates, neither have we seen any meaningful move lower. That leaves the average conventional 30yr fixed rate quote at 3.75%, but there are still quite a few lenders quoting 3.625%.
emphasis added