Another quiet week ahead of the holiday brought us surprisingly good news that made the market yawn… New home sales were reported up 16.6% in 1 month and 18% year over year.
HUGE jump, and the market said “yawnnn”. The median price of homes nationally is $321,000. The April durable goods were up 3.4%, but only up .4% if we take out transportation. “Yawnnn”.
The Gross Domestic product for 1st Quarter was revised up from .5% to .8%, another good economic sign (bad for rates) that got a yawn…
Next week the JOBS JOBS JOBS report will be the one to watch. As we head into summer, rates typically tick up. This morning I saw a lot of families in my neighborhood packing up their cars, so it looks like it will probably be an economically robust summer, which means higher rates.