Daily Market Update 8/21/09

Mortgage rates came under upward pressure Friday following a National Association of Realtors report showing July Existing Home Sales rose 7.2%, far above forecast. The annual pace of 5.24 million units was the highest level since August 2007. The housing market has been boosted by sales of foreclosed properties, historically low interest rates, and the $8,000 first-time homebuyer tax credit. Stocks surged, hurting mortgage-backed securities markets. Key economic data due out next week include Durable Goods Orders on Wednesday and revised second quarter GDP figures Thursday. The Treasury will hold record auctions of 2-, 5-, and 7-year notes beginning Tuesday.

Leave a Reply

Your email address will not be published.

Back to top