Market Rates July

Dated: 07/26/2015

Views: 297

 

MARKET RATES

Mortgage Rate Movement

MOMENTS IN HISTORY

July 20, 1968 – The first International Special Olympics Summer Games are held at Soldier Field in Chicago, with about 1,000 athletes with intellectual disabilities.
July 21, 2007 – The seventh and final Harry Potter novel, Harry Potter and the Deathly Hallows, is released, with an initial print run of 12 million copies in the United States alone.
July 22, 1933 – American aviator Wiley Post returns to Floyd Bennett Field in New York, having flown solo around the world in 7 days, 18 hours, and 49 minutes as the first aviator to accomplish the feat.
July 23, 1996 – The U.S. women's gymnastics team wins its first-ever team gold at the Summer Olympics in Atlanta, Georgia.
July 24, 1950 – Cape Canaveral Air Force Station begins operations with the launch of a Bumper rocket.
July 25, 1946 – At Club 500 in Atlantic City, New Jersey, Dean Martin and Jerry Lewis stage their first show as a comedy team.

Source: DatesInHistory.com, HistoryOrb.com, Wikipedia.org, History.com, & On-This-Day.com

 
 

THE WEEK IN REVIEW

We finish the week out with June New Homes Sales, which dropped -6.8% to 482K. The decline follows a downwardly revised -1.1% decrease in May. For the most part, the Q2 housing sector has reflected significant improvement. Today's data release offers a dose of reality that we interpret as an indication that the rate of improvement in the housing sector is less impressive than appeared to be on track. We also note that this data series tends to be very erratic on a month-to-month basis, and new home sales are still up 18.1% on an annual basis. After the dust settled, Treasury yields continued to trade below the 2.30% mark in 10s, with MBS pricing fairly unchanged on the day. We look to still hold the 2.27% support level, but we need a stronger push below to boost the case for better rates into next week. 

Looking ahead, we have an FOMC meeting on Tues and Weds of next week and we will want to square up pipelines before that time. It's not a bad idea to take advantage of the past few days' pricing increases. We are at the best levels we've seen in a while now.

UPCOMING MARKET DATA

July 27 – Durable Goods Orders
July 27 – Dallas Fed Mfg Survey
July 28 – S&P Case-Shiller HPI
July 28 – Consumer Confidence
July 29 – MBA Mortgage Applications
July 29 – Pending Home Sales Index
July 29 – FOMC Meeting Announcement
July 30 – GDP
July 30 – Jobless Claims
July 30 – Bloomberg Consumer Comfort Index
July 31 – Employment Cost Index
July 31 – Chicago PMI
July 31 – Consumer Sentiment
 

CALL TODAY TO DISCUSS THIS WEEK'S MARKET TRENDS.

Jason Kaiman
Production Manager
Direct: 
515.418.9608     Mobile: 515.205.5244 
jkaiman@primelending.com

lo.primelending.com/jkaiman

NMLS: 406027

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