Weekly Economic Update

The NAHB came out this morning with a four-point rise in their Housing Market Index report, which is a welcome sign of growing confidence among home builders.
Last Thursday’s Retail Sales report for May came in just below expectations showing a .3 percent rise, driven largely by automobile and home improvement sales. This was the weakest showing since January.

Since consumer spending drives a third of U.S. economic activity, the Federal Reserve will be studying consumer behavior closely as their Open Market Committee meeting gets underway this week. No major changes to their schedule of “tapering” bond purchases are expected.

Bottom Line for Mortgages:
Rates did inch up in the middle of last week, but remain near historic lows. With the Fed meeting this week and housing starts/building permits report, there are several items that may have an impact on rates. It’s an excellent time for to get affordable financing. 

Interesting Article:
Check out this profile of Millennials and their Home Buying habits from Mortgage News Daily. 

 
 
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