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Pending Home Sales Jump:
The number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs.

The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said in Washington. Economists forecasted a 2 percent drop, according to the median estimate in a Bloomberg News survey.

Pending sales climbed 6.4 percent in the West and 4.4 percent in the South. They fell 3.7 percent in the Midwest and 0.4 percent in the Northeast.

Pending sales track contract signings while previously owned sales reflect the closings a month or two later.

What Happened to Rates Last Week:

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Mortgage backed securities (MBS) gained +57 basis points last week which helped to move mortgage rates lower from last Friday to the prior Friday.  We had a very volatile week with some large intra-day swings of 30 and 50 basis points.  This “choppiness” was due to the markets focussing on debt restructuring speculation in the U.S. and Europe. We realized most of our pricing gains (rates moved lower) on Friday’s batch of economic news.  The second quarter GDP numbers were much weaker than expected as was Consumer Sentiment and the Chicato PMI.

What to Watch Out For This Week:
The following are the major economic reports that will hit the market this week.  They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages.  I will be watching these reports closely for you and let you know if there are any big surprises:
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It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets.  Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon. 
  
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Vince Reece
Senior Loan Officer
Office: 303-840-0966
Cell: 303-818-0699
vince@coloradomortgageguy.com
19519 E Parker Square Dr
Parker, CO 80134
www.coloradomortgageguy.com 

 

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