by Calculated Risk July 15, 2024 7:13 PM
From Matthew Graham of Mortgage News Daily: Mortgage rates’ stunning winning streak faces growing resistance
We sometimes note that a five-day streak of rising mortgage rates is a rare event that significantly increases the likelihood of at least a temporary decline. Longer streaks of increases certainly occur, but the likelihood of a decline increases sharply after eight days.
Taking all this into account, today marked the eighth consecutive day of improvement in mortgage rates.30-year fixed rate 6.81%)
Add emphasis
Tuesday:
• 8:30 a.m. ET; Retail Sales June retail sales figures are due to be released. The consensus is that they will be unchanged.
• 10 a.m., July NAHB Home Builder SurveyForecasts are calling for an increase to 44 from 43. A reading below 50 indicates that more builders see sales conditions as poor than as good.
