What’s Ahead For Mortgage Rates This Week – May 31, 2016
Last week's economic reports included new home sales, pending home sales along with weekly mortgage rates and new jobless claims. New Home Sales Surpass Expectations Sales of new homes surpassed expectations and the prior month's reading. April's reading of 619,000 sales exceeded expectations of 523,000 new homes sold and 531,000 new homes sold in March. New home sales rose by 16.60 percent on a seasonally adjusted annual basis, which was the highest increase in 24 years. Analysts said that April's new home sales indicate that builders are increasing production of new homes to meet high demand for homes. Short inventories…