This week is packed with economic releases. There is data scheduled for release each day of the week, so it will likely be a busy few days for mortgage rates. Some of the key reports are related to consumer confidence, manufacturing activity and personal income and spending. In addition, we have another FOMC meeting, which is a two-day meeting that adjourns Thursday.The first important piece of news comes Tuesday morning. Monday's news is May's Existing Home Sales that is expected to show little change from April's sales. It will likely not have much of an impact on mortgage rates unless it varies greatly from forecasts. But look for more details on the week's data and events in Sunday's weekly preview.
©Mortgage Commentary 2007
What is a short sale? A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner’s commission. The seller is unwilling or unable to cover the difference. Some — although by no means all — short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing more than the home is currently worth when closing costs are factored in.
If you have any questions on short sales let me know. I can point you in the right direction.
The first-quarter growth rate of the nation's gross domestic product was downgraded from a preliminary estimate of 1.3% to just 0.6%, the worst showing in more than four years, the Commerce Department said May 31. The foreign trade deficit was largely blamed for stunting growth.
Employers, however, did their part for the economy, adding 157,000 jobs to their payrolls in May, the Labor Department reported June 1. Economists had forecast growth of 135,000 jobs.
Personal income slipped 0.1% in April from March, the first drop in two years, the Commerce Department said June 1. The decline follows the pay-out of unusually large Wall Street bonuses and corporate stock options in the first quarter of 2007. Analysts expected personal income to rise 0.3%.
Although personal income dipped, consumer spending -- a key ingredient to a healthy economy -- rose a strong 0.5% in April, ahead of analysts' forecast of 0.4%, the Commerce Department reported June 1.
Manufacturing output also rose, as the Institute for Supply Management said its manufacturing index in May climbed to 55, above April's 54.7 reading and higher than the market expectation of 54. A reading above 50 indicates growth.
Consumer confidence increased as well, with The Conference Board, a private research group, reporting that its index of consumer confidence for May moved to 108 from 106.3 in April. Economists had expected a reading of 105.
For the week, mortgage rates on fixed-rate products rose again, Freddie Mac said May 31.
This week look for updates on factory orders on June 4 and the trade balance on June 8.
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