Wednesday, June 22, 2016

Thursday: New Home Sales

by Bill McBride on 6/22/2016 07:53:00 PM

Thursday:
• At 8:30 AM ET, The initial weekly unemployment claims report will be released.  The consensus is for 270 thousand initial claims, down from 277 thousand the previous week.

• Also at 8:30 AM, Chicago Fed National Activity Index for May. This is a composite index of other data.

• At 10:00 AM, New Home Sales for May from the Census Bureau. The consensus is for a decrease in sales to 565 thousand Seasonally Adjusted Annual Rate (SAAR) in May from 619 thousand in April.

Something to watch after the Brexit vote - mortgage rates. From Matthew Graham at Mortgage News Daily: Mortgage Rates Higher Still Despite Market Improvement

3.625% is once again the most prevalent conventional 30yr fixed rate for top tier scenarios, although 3.5% is by no means extinct. Tomorrow brings the much-anticipated vote on membership in the European union for the U.K. (aka "Brexit"). As far as we know right now, the biggest risks from an interest rate standpoint won't materialize until Friday morning, but we could see the effects as early as tomorrow afternoon.