Interest Rates on the Rise…
After several months of housing data which has failed to meet expectations, this week’s data contained relatively good news. Investors were expecting July Pending Home Sales to remain at June’s record low levels, but instead they rose 5% from June. Pending sales are a leading indicator for the housing market, so home sales may pick up a little in coming months.
After falling for several weeks, stronger than expected economic data caused mortgage rates to turn a little higher late this week. Upside surprises in important labor market, housing, and manufacturing reports were negative for mortgage markets and positive for stocks.
My guess I think we have seen the bottom of the market-the trend is looking the rates will start rising. If you have any questions on your current mortgage loan or are thinking of buying a home, feel free to call or email me. I’m here to help you out!
krissteinbach@inlanta.com or 262-696-5041
