Present Market Conditions

Attributed to Sam Khater, Chief Economist.

“The 30-year fixed-rate mortgage averaged 6.52% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Stronger employment momentum has helped existing home sales reach a five-month high. Importantly, we're seeing homebuyers look past the short-term rate fluctuations and actively enter the market, signaling renewed confidence in homeownership opportunities.”

Expectations

On the economic front this week looks to be a busy one. Tuesday kicks off the major reports with the Import Price Index, and the Housing Starts Data. Retail Sales reports, Pending Home Sales and the next FOMC meeting are taking place on Wednesday. Retail Sales is always important since consumer spending makes up almost 70% of the economic data in the United States. Investors are not expecting any rate adjustments during the Wednesday meeting. Thursday follows with the Jobless Claims to wrap up the week. Markets are closed on Friday for Juneteenth.

Guidance

It’s a great time to be in the market for a mortgage! You’ll want to make sure you take advantage of this great time to buy!