Present Market Conditions

Attributed to Sam Khater, Chief Economist.

“The 30-year fixed-rate mortgage declined again this week to 6.23%,” said Sam Khater, Freddie Mac’s Chief Economist. “Rates currently stand at their lowest level in the last three spring homebuying seasons. This improvement, coupled with a pickup in purchase applications and refinance activity, as well as an increase in monthly pending home sales, underscores signs of improving momentum in the market.”

Expectations

Looks like we’ll have quite a bit of information to look at this week. Tuesday kicks things off with the Consumer Confidence report. Wednesday follows up with the Durable-goods Orders and Housing Starts data. Wednesday will also bring the next FOMC interest rate announcement. Investors are not expecting any adjustments at this meeting. Thursday will provide the initial Jobless Claims data along with the first quarter Gross Domestic Product (GDP) and the PCE Index. The GDP and PCE Index are both very important measurements of inflation. Friday finishes up the week with the ISM Manufacturing numbers.

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!