For the Week Ending July 28, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.
The Fed left policy rates unchanged at this month's FOMC meeting. They did say though that they will begin reducing their balance sheet 'relatively soon.'
Traders' reactions to the Fed's statement were also positive for mortgage rates. Speculation is the Fed will take gradual action when tightening economic policy.
Inflation continues to come in below the Fed's desired level of 2% and will be monitored. Low inflation is supportive of lower mortgage rates.
Existing home sales fell more than expected in June, and tight inventory has been blamed. Lack of homes has led to bidding wars and higher home prices.
However, new home sales increased for the second straight month in June. Also, the inventory of new homes on the market increased 1.1%, the highest level in 8 years.
According to Case-Shiller, major metro area home prices were up 5.7% year-over-year in May. Inventory of existing homes for sale is around 4 months.
When it comes to work, change is inevitable, except from the vending machine.
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:
Good news for rates and new homes this week. Learn more about it here:
Learn more about both in this week's Markets in a Minute:
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