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FIRST TEAM’S WEEKLY MORTGAGE WATCH (MAY 29th, 2016) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates moved upward last week on both economic data and comments from the Fed.
- GDP was revised upward for the 1st quarter to 0.8%.
- Orders for Durable Goods posted a 3.4% increase, the first back-to-back monthly increases since last summer.
- New Home Sales posted a sizable 16.6% increase, breaking out of a long-term range.
- Fed Chair Yellen, as part of a panel at Harvard, stated that an increase in its rates probably would be “appropriate” in the coming months. With FOMC meetings scheduled for June and July, markets are beginning to prepare for the potential increase.
- This week could see mortgage