Cindy Schweikert Hart West Financial Inc. Home Mortgages in Arizona, Washington, Oregon, Colorado, New Mexico and Utah

Serving Homeowners, Home Buyers, Home Sellers in Arizona, Washington, Oregon, Colorado, New Mexico and Utah

  • Home
  • About
    • About Us
    • Testimonials
    • Privacy Policy
    • Site Security
  • Hartwest.com
    • Daily Morgage Commentary
    • Request Estimate Of Closing Costs
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Apply Today – Click Here
  • Blog
  • Video Library
  • Contact

Hart West Financial July 29, 2013 Leave a Comment

What’s Ahead For Mortgage Rates This Week — July 29, 2013

What's Ahead For Mortgage Rates This Week - July 29, 2013Last week brought a mixed bag of economic news, but most notably, average mortgage rates fell.

New home sales surpassed expectations and consumer sentiment rose for July; these readings among others suggest that the economy continued to improve and that consumer confidence in the economy improved as well.

Monday: Existing home sales in June were reported at 5.08 million on a seasonally-adjusted annual basis. While this fell short of expectations of 5.25 million existing homes sold, the expectation was based on the original reading of 5.18 million existing homes sold for May; this was later revised to 5.14 million homes existing homes sold in May.

Tuesday: FHFA reported that May prices for homes with mortgages held by Fannie Mae or Freddie Mac remained consistent with April’s reading of a 7.30 percent increase on a seasonally adjusted annual basis. Home prices rose by 0.70 percent in May as compared to April’s revised reading of 0.50 percent. 

Wednesday: The U.S. Census Bureau revealed that June sales of new homes came in at 497,000, which surpassed both expectations of 483,000 new homes sold and May’s reading of 449,000 new homes sold.

Thursday: Freddie Mac reported that mortgage rates fell last week; the average rate for a 30-year fixed rate mortgage fell by six basis points to 3.31 percent with 0.8 percent in discount points.

The average rate for a 15-year mortgage was 3.39 percent with discount points of 0.8 percent as compared to last week’s report of 3.41 percent. Average rates for a 5/1 adjustable rate mortgage dropped by one basis point from 3.17 percent to 3.16 percent; discount points moved from 0.60 percent to 0.70 percent.

In other economic news, June’s report for Durable Goods Orders nearly doubled to 4.20 percent over expectations of 2.30 percent.

Friday: Consumer Sentiment for July rose to 85.1 as compared to expectations of 84.0 and June’s reading of 83.90 percent. That consumers continued gaining confidence in the economy could indicate that more would-be home buyers will become active homebuyers seeking to buy amidst a short inventory of available homes. 

This Week’s Busy Economic Calendar

Readings for several significant economic and housing related indicators will be released this week.

Pending Home Sales are due out today; Tuesday brings the Case-Shiller Home Price Index and the Consumer Confidence Index. Wednesday’s news includes the ADP report (useful for tracking private sector job growth) and an FOMC statement after its meeting ends.

Fed Chairman Ben Bernanke is also scheduled to give a press conference Wednesday. As always, any remarks concerning projected changes to the Fed’s quantitative easing program (QE) could impact financial markets and mortgage rates. 

On Thursday, construction spending data will be released in addition to Freddie Mac’s weekly report on average mortgage rates.

Friday’s news includes several employment-related reports. The monthly Non-Farm Payrolls and Unemployment report will be released; collectively these two reports are frequently called the Jobs Report.

Data on personal income and consumer spending will round out the week’s economic news.

Filed Under: Housing Analysis Tagged With: Mortgage Rates,Financial News,Economy

[easingsliderpro id="1"]

About Hart West Financial

Hart West Financial is a home mortgage firm licensed in Arizona, Colorado, New Mexico, Oregon, Utah, and Washington. They take pride in offering top-quality service and providing very competitive pricing due to their non-commission loan officer based business model. Call Hart West Financial today at 800-910-1937 to get your home loan approved today!

Leave a Reply

Your email address will not be published. Required fields are marked *

Connect with Us on:
Manta
Click Here For License List

Get A Free Rate Quote!

  • This field is for validation purposes and should be left unchanged.



Quick Links

  • NMLS Consumer Access
  • Accessibility Statement
  • Video Library
  • Mortgage Licenses
  • Contact Us
  • Privacy Policy
Hart West Financial, Inc.
9805 E Bell Rd. Ste 120
Scottsdale Road, AZ 85260
NMLS #116830
AZ MB 0901832; CO 100008133; NM 01938; OR ML-2751; UT 5491769NMLC; WA MB-116830
Cindy Schweikert Loan Originator NMLS #116611
EQ Logo

Our Location


9805 E Bell Rd. #120
Scottsdale, AZ 85260

Return to top of page

Copyright © 2023 Cindy Schweikert Hart West Financial Inc. Home Mortgages in Arizona, Washington, Oregon, Colorado, New Mexico and Utah. All rights reserved.   Log In