Market News 06-28-19
Mortgage Market Update
The economy grew at a healthy 3.1% rate in the first quarter of this year. However, there are signs growth has slowed sharply in the second quarter. Consumer confidence dropped more than expected in June, reaching its lowest point in nearly 2 years. The escalation in trade tensions may have played a role. Optimism is growing that President Trump and China’s Xi Jinping will announce a new round of trade talks after their meeting at the G-20 Summit this weekend.
Existing home sales rose in May, boosted by lower mortgage rates. Sales rose to a rate of 5.25 million units in May.May’s new home sales grew in all regions except the West. The median price of a newly built home was $308,000, down 2.7% annually. Pending home sales increased in May, 1. 1% over April. However, that’s still 0.7% lower than a year ago, the 17th straight month of annual declines.