Enjoy this quick update on what happened this week in the housing and financial markets.
|A number of Fed officials have opined that it's time for the Fed to raise interest rates. Investors are waiting to hear Fed Chair Janet Yellen's opinion Friday.|
|Orders for durable goods rose for the second straight month, signaling increased business spending. Economic improvement like this is supportive of higher rates.|
|The labor market showed further improvement, with a drop in filing for unemployment benefits. A strong labor market could also contribute to higher rates.|
|New home sales unexpectedly rose in July, reaching their highest level in nearly 9 years. Sales were up an amazing 31.3% from a year ago.|
|Existing home sales were down slightly, however, as tight inventory remains an issue. Existing home sales had previously increased 4 straight months.|
|The housing market as a whole remains strong, supported by a tightening labor market, strong consumer spending, and low mortgage rates.|
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.