Weekly Mortgage Update

Mortgage rates improved late last week at the expense of a worse-than-expected New Home Sales report. New home sales dropped over 13% from June to July.

On the flip side, existing home sales were up nationally and up 16% in our local region last month. 

Bottom Line for Mortgages

Rates may be “on-hold” until the next Fed Open Market Committee Meeting coming up on Sept. 17-18. The Fed will be weighing recent positive housing news against a continuing sluggish rate of job creation. Next week’s Jobs Report may play a big role in how fast rates move.

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