Please enjoy this quick update on what happened this week in the housing and financial markets.
Jobless claims hit a near 5-month low this week, supporting economic growth. Sustained labor market strength could contribute to higher rates.
The failure to pass a new health care reform bill has traders questioning possible tax cuts and infrastructure spending, and is supportive of lower mortgage rates.
Recent economic data has cast doubt on whether the Fed will raise policy rates again this year. Lack of inflation is supportive of lower mortgage rates.
Home builder sentiment was down slightly in July due to increased cost of materials, but the overall outlook is still considered positive.
June housing starts were much higher than expected, rebounding from 3 months of decline. May’s numbers were also revised higher by 0.03 million units.
Building permits shot up 7.4% in June, the highest level since March, signaling more new home building to come. Building completions surged 5.2% as well.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.
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