Mortgage News

The Markets in a Minute - July 29

July 29th, 2016

For the Week Ending July 29, 2016 

 

Enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The Fed kept policy rates the same at this month's FOMC meeting. Economists speculate we won't see a Fed rate increase until at least December of 2016.

 

Fed comments referenced a strengthening labor market. Jobless claims remained below 300,000 for the 73rd week, supporting their analysis.

 

Consumer confidence remained steady in July, suggesting the economy will continue to expand at a moderate pace. This could contribute to higher rates.

 

Home prices rose 5.2% year-over-year in May, according to Case-Shiller. Home price appreciation is expected to continue with low rates and tight inventory.

 

New single-family home sales hit an 8-1/2 year high in June. This  suggests sustained momentum in the economy and could contribute to a Fed rate increase this year.

 

June's pending existing home sales were up only 0.2% over May's. Inventory conditions are likely to blame for the slow increase, as demand remains strong. 

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.