Please enjoy this quick update on what happened this week in the housing and financial markets.
|Strong retail sales and industrial production signal improving economic growth. Positive data has markets considering a possible Fed rate increase this year. |
|Stocks continue to soar, with both the S&P and Dow hitting new all-time highs. The run up in stocks has bonds suffering, contributing to higher mortgage rates.|
|Jobless claims hit a 3-month low this week, another sign of an improving economy. Inflation has continued to be non-existent though, which is good for rates.|
|Although a reading of home builder confidence was down just slightly in July, builders remain positive overall about the housing market.|
|Housing starts were higher than expected for June, supported by a strengthening labor market and low mortgage rates. Permits for future building also increased.|
|The pace of annual home sales rose in June, reaching a 9-year high of 5.57 million. Median home prices also increased 4.8% over last year.|
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.