According to the National Association of REALTORS®, 4.82 million "existing homes" sold on a seasonally-adjusted, annualized basis in August, representing a near 8 percent improvement from the month prior and a nine percent jump from August 2011.
Mortgage rates are starting the week lower with continued improvement due to Friday’s disappointing jobs numbers. Prior to Friday’s jobs report, mortgage rates were trending higher and on Thursday reached their highest levels in two years. Not only was Friday’s month number worse than most economists expected, but previous monthly reports were revised worse as well. This is putting doubt into the theory that the Fed will begin it’s taper at the next September meeting.
Fridays report coupled with the uncertainty in Syria has put mortgage bonds in a position for continued improvement which would result in slightly lower mortgage rates. A full plate of economic data will be released later this week including retails sales and the Producer Price Index on Friday.
On the agenda for this week
|Date||Time (ET)||Economic Release||Actual||Market Expects||Prior|
|9-Sep||3:00 PM||Consumer Credit||–||$13.0B||$13.8B|
|10-Sep||10:00 AM||JOLTS – Job Openings||–||NA||3.936M|
|11-Sep||7:00 AM||MBA Mortgage Index||–||NA||1.30%|
|11-Sep||10:00 AM||Wholesale Inventories||–||0.20%||-0.20%|
|11-Sep||10:30 AM||Crude Inventories||–||NA||-1.836M|
|12-Sep||8:30 AM||Initial Claims||–||327K||323K|
|12-Sep||8:30 AM||Continuing Claims||–||2975K||2951K|
|12-Sep||8:30 AM||Export Prices ex-ag.||–||NA||0.00%|
|12-Sep||8:30 AM||Import Prices ex-oil||–||NA||-0.40%|
|12-Sep||10:30 AM||Natural Gas Inventories||–||NA||58 bcf|
|12-Sep||2:00 PM||Treasury Budget||–||NA||-$190.5B|
|13-Sep||8:30 AM||Retail Sales||–||0.40%||0.20%|
|13-Sep||8:30 AM||Retail Sales ex-auto||–||0.30%||0.50%|
|13-Sep||8:30 AM||Core PPI||–||0.10%||0.10%|
|13-Sep||9:55 AM||Mich Sentiment||–||82||82.1|
|13-Sep||10:00 AM||Business Inventories||–||0.30%||0.00%|