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.