Rates are unchanged today! But it looks like they are on the rise. Any fence sitting buyers or refi's need to get it done now or face higher interest rates. I have attached a great chart showing how home prices have spiked in the last year!
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What's up today: Month-End, Econ Data, and Technical Resistance
The consumer sector may be losing some steam. In April both Income and Spending were weak. Inflation also was quite soft. Personal income in April was flat after a 0.3 percent rise the month before. The latest figure came in lower than the consensus forecast for a 0.1 percent increase. The important wages and salaries component was unchanged, following an increase of 0.2 percent in March.The Chicago PMI is once again showing its volatility, shooting to 58.7 this month vs a contractionary 49.0 in April to indicate very strong monthly growth. The May reading is the strongest since March last year while the April reading was the weakest since September 2009.Consumer confidence, boosted by rising home prices, by a rising stock market, and perhaps by improving job growth, has never been better this recovery. The Consumer Confidence report, posted on Tuesday, shows a recovery best for May followed now by the consumer sentiment report where the composite index is at 84.5, up a very big and higher-than-expected 8.1 points from April. May's reading is at the very high-end of the Economist consensus range.
Dow is trading at 15,326 +5103the 10 yr bond is at 2.17 from 2.12 Yesterday, . Currently mortgages areunchanged from Yesterday
Conv. - 3.875%
FHA. - 3.75%
Last year - 3.88%
Have a great weekend!!!
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