• The Fed raised policy rates by 0.75% for the 2nd meeting in a row and signaled more increases will come this year.
  • GDP fell 0.9% in the 2nd quarter, the second straight decline and a strong recession signal. Mortgage rates generally improve during a recession.
  • Jobless claims fell for the 1st time in 4 weeks but held near the highest level since November, showing continued moderation in the labor market.


  • According to Case-Shiller, home price growth slowed for the 2nd straight month in May but was still 19.7% higher year over year.
  • Sales of newly built homes fell more than 8% in June from May and were 17% lower than a year ago. Inventory rose to a 9.3-month supply.
  • June’s pending home sales fell 20% year over year and 8.6% from May. This is the slowest pace since September 2011, but a rebound is expected.