Please enjoy this quick update on what happened this week in the housing and financial markets.
|After huge losses following the Brexit vote, stocks hit record highs this week. Economic improvement fueling the rally could put upward pressure on rates.|
|The labor market continued to show strength as jobless claims came in lower than expected. Claims were near the 43-year low of 248,000 touched in mid-April.|
|Producer prices recorded their biggest gain in a year in June, possibly signaling inflationary pressure. Inflation could contribute to higher interest rates in the future.|
|According to Mortgage Bankers Association estimates, new single-family home sales were up 8.6% in June and are 7% higher year-over-year.|
|NAR's latest HOME survey reports 62% of renters think now is a good time to buy a home. Also, 61% of home owners believe now is a good time to sell.|
|National average home prices have already climbed by over 5% in 2016. Economists predict strong home-price appreciation will continue this 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.