Please enjoy this quick update on what happened this week in the housing and financial markets.
|U.S. stock markets have fully recovered after huge losses following Britain's vote to leave the EU. Markets don't believe a Fed rate increase is possible this year.|
|Fed minutes from last month's FOMC meeting show the Fed was concerned about a possible Brexit. Global turmoil means the Fed is unlikely to raise rates.|
|A strong labor market is supporting the housing market. This week there was an increase in private payrolls and decrease in unemployment benefit claims.|
|Mortgage applications were up 14% on falling rates last week. While many were for refinances, purchase applications were 23% higher year-over-year.|
|Purchase applications could have been higher, according to experts. Lack of inventory plagues many markets, but has helped drive home prices back up.|
|Inventory concerns are not only for the purchase market. Rental demand has increased across all age groups and income types, creating a supply imbalance.|
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.