mortgage update denver colorado

Pending Home Sales Rise More Than Expected:

More Americans signed contracts to buy homes in March.
Sales of previously owned U.S. homes rose more than expected in March, as sales agreements for homes rose 5.1 percent last month to a reading of 94.1, according to the National Association of Realtors’ pending home sales index. Sales rose in every region but the Northeast.

Signings are more than 20 percent above June’s index reading, the low point since the housing bust. Still, the index is below 100, which is considered a healthy level.

Contract signings are usually a good indicator of where the housing market is heading. That’s because there’s usually a one- to two-month lag between a sales contract and a completed deal.

What Happened to Rates Last Week:

mortgage rates denver

Mortgage backed securities (MBS) gained +78 basis points last week which helped to push 30 year fixed rates to close at their second lowest levels in 2011. U.S. Treasuries and Mortgage Backed Securities experienced strong demand on very tame inflationary data (Gross Domestic Product and Personal Consumption Expenditures) and comments made by Ben Bernanke and the rest of the Federal Open Market Committee that they would keep rates low for an “extended period of time”.

What to Watch Out For This Week:

The following are the major economic reports that will hit the market this week.  They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages.  I will be watching these reports closely for you and let you know if there are any big surprises:

colorado mortgage rates

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It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets.  Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon. 

mortgage broker denver

Vince Reece
Senior Loan Officer
Office: 303-840-0966
Cell: 303-818-0699
19519 E Parker Square Dr
Parker, CO 80134

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