While mortgage rates did show some slight downward movement last week, they continue to hold in a fairly tight range. The economy is showing some signs of shaking off the winter slump. First-time weekly jobless claims dropped below 300,000 for the first time in 7 years. However, Retail Sales was nearly unchanged and Industrial Production pulled back slightly. This week also saw the first speech from the new head of Federal Housing Finance Agency, Mel Watt. He announced some changes that may loosen lending requirements, in the near future. His approach is no longer to oversee Fannie Mac and Freddie Mac as institutions that are soon to be wound down, but to treat them as ongoing concerns. Regardless of political opinion, this may be a more effective way to manage these organizations in the near-term, while we continue waiting for Washington to act. With few major economic reports due this week, mortgage rates are most likely to be influenced by other financial markets, and by various events in the international community. -Joe Massey
Posted on: Tue, 20 May 2014 17:51:37 +0000
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