Mortgage Rates and the price of Mortgaged-Backed Securities moved sideways this week and are down about 0.25% from this time last year.
New Construction – the National Association of Home Builders (NAHB) released their Builder Confidence report for May. It came in better than expected but it is still at low levels (anything under 50 is in contraction). The headline confidence figure was at 37 while current sales is at 40, future at 45, and buyer traffic at 25.
Pending Sales – the National Association of Relators released their pending home sales report which increased 1.4% month over month and is up 3.2% year over year. This is the third consecutive month that that pending home sales have increased.
Mortgage Applications to purchase homes fell 4% last week and are up 8% year over year. Refinance applications remained unchanged from the previous week and are up 35% year over year.