Please enjoy this quick update on what happened this week in the housing and financial markets.
|Stocks have rallied globally this week in anticipation of Britain staying in the EU. However, actual results of Britain's referendum will not be known until Friday. |
|The Fed has been cautious to increase rates due to a possible "Brexit" and hiring slowdown. However, at a 42-year low, jobless claims this week showed strength.|
|As stocks rally and traders no longer seek safety in bonds, mortgage bond pricing could suffer. If mortgage bonds lose value, mortgage rates could creep up.|
|Existing home sales rose to a nine-year high in May. The housing market has been supported by low mortgage rates and a strong labor market.|
|However, despite rising for 3 straight months, existing home sales remain constrained by inventory. Strong demand continues to drive home prices higher.|
|Homebuyers struggling to find their dream homes because of limited inventory are buying and renovating instead. Over 25% of renovations are by new homeowners.|
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.