Mortgage Rate Update June 23, 2014

Mortgage rates are unchanged from last Thursday’s ‘rate update’.

The economic calendar is loaded with significant data this week.  Earlier today the National Association of Realtors released its monthly report on existing home sales.

Here are a few of the highlights:

  • Nationwide, the number of closed transactions rose 4.9% from last month but remained 5.0% below activity from May of 2013.
  • Nationwide, the median home price increased 5.1% year-over-year.  In the west the median home price increased by 11.4% year-over-year.
  • Inventories increased modestly nationwide to a 5.6 month supply which is still considered to be a “seller’s market”.


Tomorrow we get more housing news in the form of the S&P Case-Shiller home price index report.  Later in the week we’ll get the latest readings on durable goods, GDP, personal income, and the Fed’s favorite gauge of inflation (Personal Consumption Expenditure Price Index) .

Lately, the economic data coming out of the US has been mostly positive.  That coupled with fresh debt supply from the US Treasury could make it tough for interest rates to improve this week.

However, international storylines continue to help rates remain low.  This morning weak economic data was released regarding the European Union and the conflict in Iraq continues to support uncertainty.

I will recommend a cautious floating stance to kick off the week.

Current Outlook: floating

The views and opinions expressed in this site are those of the author(s) and do not necessarily reflect the official policy or position of Cherry Creek Mortgage Co., Inc. This is for informational purposes only. This is not a commitment to lend.