First Time Home Buyers
The revised GDP came in at -1% rather than -1.5%. Initial claims came in slightly higher than expected, 570k actual v 565k estimated. Interestingly, Q2 Auto Sales came in flat, at 0.0% versus expectations of 0.2%.
Trading is still thin so summers are very volatile.
Expectations for Chicago Mortgage Rates This Morning
While writing this post, I’ve seen mortgage bonds trade wildly within a 30 basis point range. Depending on how mortgage lenders price this in, we should see mortgage rates require an additional +/- 25 basis points in discount points ($250 per $100,000 of loan amount) to get the same rate as yesterday.
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