For the Week Ending June 16, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.
The Fed raised policy rates by 0.25% as expected at this week's FOMC meeting. However, the Fed doesn't control mortgage rates, which actually improved slightly.
Inflation rates released this week came in below the expected level. Low inflation helps provide an environment for mortgage rates to remain low as well.
12 of 16 Fed members signaled they expect to increase rates at least once more this year. Markets have been slow to react to the news though.
The number of homes on the market in May fell 10.9% year-over-year, marking 20 straight months of year-over-year declines. However, sales increased 7.5%.
The typical home is currently under contract after an average of 37 days. More than a quarter of homes listed are selling for more than the asking price.
Rising prices are bringing out home flippers again. More than 2/3 of the 44k single family homes flipped in the 1st quarter were by mom-and-pop investors.
Seller to Agent: You’ve done such a great job describing my house in your real estate listing that I’ve decided to keep it!
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.
Here is the Video version of this information:
Are rates up or down? How about both? Learn more about it here:
Learn more about both in this week's Markets in a Minute:
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