Consumer prices jumped 5.4% in July but came in slightly lower than economists expected. Inflation and any expectation of its continuance put upward pressure on rates. |
Payrolls increased 943,000 in July as the unemployment rate dropped to 5.4%. Job gains came fastest in leisure and hospitality, followed by professional and business services. |
Unemployment claims dropped for the 3rd week in a row last week to 375,000, demonstrating labor market improvements due to increased economic activity. |
States are struggling to distribute the $46 billion in stimulus funds Congress allocated to help renters and landlords. Only $4.2 billion has reached households so far. |
Purchase mortgage applications rose 2% for the week but were still 18% lower than a year ago. High prices and limited supply of homes for sale continue to restrict buyers. |
Small investors have a new option to participate in the rental market. Fundrise, a crowdfunding platform for commercial real estate, is entering the single-family market. |
Orders for cars, appliances and other durable goods increased in June, signaling strength in the economy even as manufacturers face parts and labor shortages. |
The Fed kept policy rates and asset purchases unchanged at this month's FOMC meeting and repeated language that rising inflation reflected "transitory factors." |
Widespread business re-openings helped the 2nd qtr GDP grow at a 6.5% annual rate, even higher than earlier in the year. The economy's size now exceeds its pre-pandemic level. |
New home sales dropped to a 14-month low in June, suggesting the housing market is losing momentum amid soaring prices and an acute shortage of properties. |
National home prices in May were up 16.6% over a year ago, the highest reported by CoreLogic Case-Shiller in 30+ years, as strong demand slammed up against weak supply. |
Low inventory caused pending home sales to drop in June, down 1.9% annually. However, Realtor.com reports the number of newly listed homes in June rose 5.5% year over year. |
Fed Chair Powell's semiannual testimony before Congress this week was good for mortgage rates. Powell said Fed bond purchases would continue while the economy recovers. |
Inflation climbed higher than expected in June. Consumer prices rose 5.4% year over year and saw the biggest monthly gain since August 2008. Inflation is still being seen as transitory. |
Jobless claims fell to a pandemic low last week, as the labor market continued to improve. More than half of U.S. governors have announced plans to end enhanced benefits early. |
Treasury Secretary Janet Yellen and Fed Chair Jerome Powell are slated to discuss the potential risks of the hot housing market at a meeting with fellow regulators on Friday. |
In his testimony before Congress, Powell said demand has pushed housing prices up and, even if mortgage rates rise, continuing demand is expected to keep prices stable. |
Last week's purchase mortgage applications rose 8% over the previous week but were 29% lower than last year. 25% of sales were all-cash, up from 15% a year ago. |
Minutes from last month's Fed meeting showed officials were not yet ready to set a timeline for scaling back asset purchases due to high uncertainty around the economic outlook. |
Strong jobs data from June shows the labor market continues to recover. Nonfarm payrolls increased 850,000 for the month, led by job recovery in the leisure and hospitality industries. |
Lower wage workers are seeing higher wages, as businesses struggle to find and retain help. Retailers and restaurants are having to pay more to hire workers to meet demand. |
In a Fannie Mae survey, 64% of respondents said it's a bad time to buy a home, up from 56% last month. However, 77% said it was a good time to sell, up from 67%. |
Mortgage applications dropped for a 2nd week. Refinance apps fell 2% and were 8% lower than a year ago. Purchase apps were down 1% for the week and 14% below last year. |
Widespread shortages on building materials continue to prompt home builders to raise prices. The cost of materials is up 26% year over year. |
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Consumer confidence hit a 16-month high in June and was also revised upward for May, as the growing labor market and reopening economy offset inflation concerns. |
Companies hired nearly a million new workers in May, according to ADP. This was the largest gain since last June, led by 440,000 new hires in leisure and hospitality. |
Jobless claims hit 364,000 last week, reaching a new pandemic-era low. The drop was more than expected, consistent with companies' efforts to meet growing demand. |
The FHFA reported a monthly home price increase of 1.8% and year-over-year growth of 15.7% for April. Both figures broke previous records. |
May pending home sales rose to the highest level since 2005. The increase could signal some relief from the inventory shortage that has driven prices to record highs. |
Mortgage applications fell last week to levels not seen in more than a year. Purchase applications dropped 6.9% and refi applications were down 8% from the previous week. |