The latest existing-home sales data for May came in lower by 0.7% for the month of May, with the median sales price of homes reaching $419,300 — a record high, according to the National Association of Realtors.
National Association of Realtors Chief Economist Lawrence Yun joins Catalysts to give insight into the latest housing data and its implications for rates.
"The mortgage market will be moving ahead of the Fed decision based upon how they communicate when it is likely to be a rate cut. So the movement of the mortgage rate will not happen on the day of the Federal Reserve decision, but rather maybe even a couple of months prior to that. So for as a consumer, thet should always be on the lookout as to what’s happening on mortgage rates this week, next week. And if the right property comes onto the market within their budget, maybe just give it a try to see whether or not they can get a little discount," says Yun.
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