Enjoy this quick update on what happened this week in the housing and financial markets.
|The economy grew by 1.2% annually during the second quarter, lower than the 2.6% expected. Consumer spending was responsible for most of the increase.|
|Though the economy is only moderately improving, the labor market continues to show strength. New jobs were up, and layoffs fell to a near 2-year low in June.|
|While an improving economy and strong labor market could lead the Fed to consider raising policy rates, inflation remains benign, helping keep rates low.|
|Foreclosure inventory declined yet again in June to the lowest rate since August 2007. Foreclosure filings were also down 6% from May and 19% over a year ago.|
|The median existing single-family home price increased in 83% of measured markets in the second quarter, with 14% seeing double-digit increases.|
|Supply levels could be holding back sales. Many listings in a majority of markets are seeing multiple offers, and inventory is down to 4.7 months.|
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.