By Taff Weinstein at
Investors rushed to snatch up properties to resell for a profit. Home flipping comprised 7.5% of all home sales during the first quarter, up from 7.3% a year prior, ATTOM Data Solutions reports in its 2020 Home Flipping Report. It defines a house flip as a purchase and sale within 12 months. 59.5% of homes flipped were purchased with all-cash. Investors also took an average of 174 days to complete a flip, slightly down from 180 days a year prior.
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Mortgage backed securities (FNMA 2.500 MBS) gained +55 basis points (BPS) from last Friday's close which caused fixed mortgage rates to edge slightly lower compared to the levels of the prior week The Talking Fed: We had our FOMC Interest Rate Decision and Policy Statement on Wednesday along with their economic projections, followed by a live press conference with Fed Chair Powell at 2:30.
Here are some key highlights:
Jobs, Jobs, Jobs: Initial Weekly Jobless Claims hit 1.542M vs est of 1.500M, so right as expected. Continuing Claims moved to 20.929M vs est of 20.000M, so a little higher than expected. The May JOLTS (Job Openings and Labor Turnover Survey) showed that there were 5.046M unfilled jobs vs est of 5.00M What to Watch Out For This Week:
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![]() The above 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. 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. |
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