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Mark Hemingway

Mortgage Market Update for May 31st

Wednesday, May 31, 2017 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Limited inventories of homes for sales are causing problems in the purchase market, reports the National Association of REALTORS(R). April Pending Home Sales declined 1.3% from March and fell for the second consecutive month. Pending Home Sales are down year-over-year nationally in all four major regions across the nation. Sales were down 3.3% from April 2016, the first year-over-year decline since December and the biggest since June 2014 (7.1%).

The Mortgage Bankers Association reported on Wednesday that mortgage rates were unchanged in the latest week and remain just above all-time lows. The 30-year fixed conforming mortgage rate was 4.17% in the latest survey with 0.32 points on top of that rate. The 30-year jumbo rate was also unchanged at 4.11% with 0.30 in points, while FHA loans fell 4bp to 4.03% with 0.32 points.

The retail sector continues its troubled ways with the latest round of declining sales and store closings. Luxury retailer Michael Kors said it will close up to 125 stores amidst plunging sales as the company admits that its stores have been underwhelming for consumers. Mega shoe store outlet Payless ShoeSource has reported it is looking to shut 408 stores after seeking bankruptcy protection two months ago. Payless cited increasing competition and plummeting sales for the massive closures.

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