Mortgage interest rates were mostly flat this past week despite weakness in housing data. May Existing Home Sales fell 2.2% on expectations that sales would increase by 7.0%. May New Home Sales fell by 32.7% to 300k annualized units, its lowest level since the report was created in 1980. May New Home Sales were expected to fall, but only by 14.5%. Other economic data of note included weekly jobless claims which fell slightly more than expected. May Durable Goods Orders were in line with expectations. Overall, orders fell by 1.1%. Excluding transportation orders, though, orders increased by 0.9%. Q1 GDP was revised lower to +2.7% on lower consumer spending. As expected, the Fed left short term rates unchanged at the conclusion of its FOMC meeting. Also, the Treasury auctioned $108 billion in new debt, which was met with reasonably strong demand.
No comments:
Post a Comment