Wednesday, May 23rdMortgage Applications for the week ended May 18th are released.
Thursday, May 24th
New home sales for April-economists consensus is that it increased slightly to 860,000 annual rate. This report talks about new private homes and usually lags changing mortgage rates. New home sales tend to be stronger early in the business cycle as there is more demand. This report tends to be more volatile and subject to large revisions and as far as I’m concerned making it somewhat unreliable.
Friday, May 25th
Existing home sales for April-Economists are predicting a drop to 6.10 million from 6.12 million homes. This is a more reliable indicator of housing activity. These numbers tend to be more dependent on mortgage rates. Two worthy components of this report include the median home price and the inventory of homes for sale. The lower the figure the more we need more new housing on the market.
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