Present Market Conditions

Attributed to Sam Khater, Chief Economist.

“The 30-year fixed-rate mortgage averaged 6.53% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Pending home sales have increased three months in a row, indicating there’s latent demand and homebuyers are ready to jump back into the market if mortgage rates decline.”

Expectations

This week will definitely be slower with regards to the financial reports but, all eyes will be focused on events in the Middle East. Monday begins the week with the ISM Manufacturing report. Tuesday follows with the Job Openings data. Wednesday brings the ISM Services and Factory Order stats. Thursday will bring the weekly Initial Jobless Claims information. Friday finishes with the always important U.S. Employment Report that recaps the total number of jobs, unemployment rate, and any potential wage inflation. Multiple fed officials will be speaking throughout the 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!