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What's Ahead For Mortgage Rates This Week - July 31st, 2018
Last week's economic readings included reports on sales of new and pre-owned homes, mortgage rates and first-time jobless claims.
New Home Sales Slide; Pre-owned Home Sales Meet Expectations
Commerce Department reported lower sales of new homes in June. Sales were expected to reach 666,000 sales on a seasonally adjusted annual basis, but the actual reading slipped by 5.30 percent to a pace of 631,000 new home sales. Analysts cited higher building costs, home prices and mortgage rates sidelined some buyers.
Concerns over inadequate inventories of available homes also impacted sales of newly-built homes. New homes sold at a rate 6.90 percent higher year-over-year, but analysts cautioned that home price appreciation and demand may be at or near their peak.
The National Association of Realtors® reported an annual pace of 5.38 million sales of previously-owned homes for June, which matched analysts' expectations. May's reading was 5.41 million sales of pre-owned homes.
Analysts caution that Commerce Department readings are subject to adjustment due to the relatively small number of home sales used to represent all sales of pre-owned homes.
Mortgage Rates and New Jobless Claims Rise
Freddie Mac reported higher mortgage rates last week with incremental increases in average mortgage rates. Rates for 30-year fixed rate mortgages were two basis ... more
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