Thursday’s Mortgage Rates Increase; New Home Sales Spike
24 May 2007
Thursday’s mortgage rates increased after the market moved into negative territory following mixed economic news.
First, the Commerce Department reported in its Durable Goods report that new orders for big-ticket items rose .6% vs. and expected .9%. This is good news for mortgage rates.
However, the New Home Sales report, which typcially has only a minor influence on the direction of rates, showed a 16.2% increase in April, against a forecast of .2%, a sign that housing may be stengthening.
Jobless claims were up this week, but this data was not weighted enough to overcome the concern brought upon by the spike in New Home Sales. All eyes are on NAR’s Existing Home sales data due out tomorrow.
Sphere: Related Content
No comments yet