Monday, July 22, 2019

Tuesday: Existing Home Sales, Richmond Fed Mfg Survey

by Calculated Risk on 7/22/2019 06:50:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates Fall Again as Lenders Play Catch Up

Mortgage rates lower again today. The improvement was fairly decent given the amount of movement seen in the bond market. The reason for that has to do with the phenomenon we discussed on Friday whereby mortgage lenders are generally a bit cautious when it comes to adjusting rate sheets to keep pace with bond market movement. With that in mind, bonds had improved during the day on Friday, but most lenders didn't adjust rates in the afternoon. Simply put, we are seeing Friday afternoon's bond market improvement today. [Most Prevalent Rates 30YR FIXED - 3.875%]
emphasis added
Tuesday:
• At 9:00 AM ET, FHFA House Price Index for May 2019. This was originally a GSE only repeat sales, however there is also an expanded index.

• At 10:00 AM, Existing Home Sales for June from the National Association of Realtors (NAR). The consensus is for 5.34 million SAAR, unchanged from 5.34 million last month. Housing economist Tom Lawler expects the NAR to report 5.25 million SAAR.

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