Please enjoy this quick update on what happened this week in the housing and financial markets.
|Opinions vary on the likelihood of a Fed policy rate increase at next week's meeting. Markets are volatile as traders prepare for what they think will happen.|
|Central bank economic stimulus overseas has been helping U.S. bond yields remain low but is now waning. Higher bond yields could cause mortgage rates to increase.|
|A strong jobs report and firming inflation pressured rates and fueled volatility this week. On the flip side, retail sales slumped.|
|According to CoreLogic, 548,000 homeowners regained equity in Q2. That brings the percentage of homes in the U.S. with positive equity to almost 93%.|
|Foreclosure inventory continues to dwindle. CoreLogic reports that foreclosure inventory declined 29.1% in July, and was down 16.5% year-over-year.|
|Mortgage applications for purchase transactions were up 9%, signaling a stronger fall market ahead. Although up slightly, mortgage rates are still near record lows.|
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.