- Mortgage rates started last week at two-year highs, and began moving higher. However, the week ended with rates pulling back, erasing part of the gain.
- Existing Home Sales shot much higher than expected last month, but a dismal New Home Sales report on Friday appears to have been the catalyst for pulling mortgage rates back downward as the week ended. Rates should start the week fairly flat, but could easily be nudged either way.
- The FHA announced a significant reduction in the amount of time that a homebuyer would need to wait before qualifying for an FHA-backed mortgage. Previously, a homebuyer would have to wait two years following a bankruptcy, and three years
First Team’s Weekly Mortgage Watch this week highlights the following updates: