Last week, economic data showed that the economy continues to grow at a healthy pace and that last year’s fears of an economic recession may have been overblown; wholesale and consumer prices were up 1.1% and 2.5% annually, respectively.
With no clear recessionary indicators present in the market, long-term mortgages such as the 30-year fixed mortgage reached their highest levels in nine weeks. This week, markets will be looking for more clues on how housing is impacting the economy.
Expect a lot of rate volatility surrounding Thursday’s Existing Home Sales report and Friday’s New Homes Sales report.
