Present Market Conditions

Attributed to Sam Khater, Chief Economist.

“Mortgage rates ticked down this week, averaging 6.36%,” said Sam Khater, Freddie Mac’s Chief Economist. “While purchase demand is softening, it remains above this time last year. Recent data also shows existing-home sales modestly edging up.”

Expectations

This week will be a bit slower compared to last week. Tuesday brings the first of the major reports with the release of the Pending Home Sales data. Wednesday follows with Minutes from the Fed's FOMC meeting in May. Thursday brings Housing Starts and the Initial Jobless Claims numbers. Friday finishes up the week with the Consumer Sentiment stats from May. Investors will be paying attention to the multiple Fed Officials that will be speaking throughout this week.

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!