Please enjoy this quick update on what’s happening this week in the housing and financial markets.
The Fed says it will not raise policy rates until a “considerable time” after ending the taper in October. Housing and some labor indicators still cause concern.
Second quarter GDP surprised with a 4.0% gain, more than making up for the first quarter drop. Rates jumped to their high for the month.
Consumer confidence is at a 7-year high, possibly inspired by higher employment and low inflation. If the economy improves, rates will likely go up.
June’s pending home sales were healthy but down slightly. The three previous months saw increases. Pending sales are still above normal.
May’s home prices rose over last month and last year. Case-Schiller’s survey found a seasonally adjusted decline in prices, possibly impacted by foreclosures.
Homeownership rates have hit a 19-year low. The resulting rental demand has driven residential rental vacancies to long-term lows too.
I have all the money I’ll ever need…if I die by 4 p.m. tomorrow.
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.