During May, the sum of new and existing single-family home sales rose to 5.1 million units (saar), the best pace since November 2009, when tax incentives boosted sales. The four-week average of mortgage applications to purchase a house remains on an uptrend through the week of June 21 despite the rise in mortgage rates.
The index of pending existing home sales soared in May to a new cyclical high. This suggests that the initial reaction to rising mortgage rates is to prompt would-be homebuyers to close their deals pronto.
Today's Morning Briefing: Have a Nice Day Trade. (1) The first trading day of the month tends to be a winner. (2) The M-PMI is always released on that day. (3) Lots of good news in both ISM and Markit M-PMIs for US. (4) Good, but not great, for S&P 500 revenues. (5) Better, but not wonderful, news in M-PMIs out of Europe. (6) Plenty of other solid indicators. (7) Commodity prices holding up despite weakness in Chinese M-PMI. (8) New record high for US trucking index. (9) Rising mortgage rates boosting existing home sales. (10) Tax revenues at new highs. (11) Forward earnings at new highs. (More for subscribers.)
The index of pending existing home sales soared in May to a new cyclical high. This suggests that the initial reaction to rising mortgage rates is to prompt would-be homebuyers to close their deals pronto.
Today's Morning Briefing: Have a Nice Day Trade. (1) The first trading day of the month tends to be a winner. (2) The M-PMI is always released on that day. (3) Lots of good news in both ISM and Markit M-PMIs for US. (4) Good, but not great, for S&P 500 revenues. (5) Better, but not wonderful, news in M-PMIs out of Europe. (6) Plenty of other solid indicators. (7) Commodity prices holding up despite weakness in Chinese M-PMI. (8) New record high for US trucking index. (9) Rising mortgage rates boosting existing home sales. (10) Tax revenues at new highs. (11) Forward earnings at new highs. (More for subscribers.)
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