Monday, May 22, 2017

Tuesday: New Home Sales

by Bill McBride on 5/22/2017 07:09:00 PM

From Matthew Graham at Mortgage News Daily: Low and Sideways, Mortgage Rates Play Waiting Game

Mortgage rates were slightly higher for the 3rd straight day, continuing a modest bounce back from the year's lowest rates last Wednesday. ...

While the general movement in rates has been slightly higher, it hasn't lifted rates much above 2017's lows.  Especially when considered next to anything before last Wednesday, recent rate offerings have been low and the trend has been sideways.  Most lenders continue to offer conventional 30yr fixed rates of 4.0% on top tier scenarios.  The only difference from Friday would be marginally higher upfront costs, but several lenders are effectively "unchanged."
emphasis added
Tuesday:
• At 8:30 AM ET, New Home Sales for April from the Census Bureau. The consensus is for a decrease in sales to 604 thousand Seasonally Adjusted Annual Rate (SAAR) in April from 621 thousand in March.

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