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  • Minutes from last month's Fed meeting showed most members felt a policy rate cut would be appropriate at the next meeting.
  • Markets are already fully pricing in a September cut, which would be the first since the emergency easing in the early days of the pandemic.
  • Unemployment applications barely rose last week. The 4-week average, which smooths out some volatility, fell to its lowest level in a month.

Housing News

  • Fannie Mae economists say the recent decline in mortgage rates is not enough to increase the number of homes sold in the foreseeable future.
  • However, July home sales broke a 4-month losing streak as supply rose nearly 20% over last year. The NAR says home sales are still sluggish.
  • Fannie Mae is forecasting mortgage rates will average 6.4% by the end of this year and 5.9% by the end of 2025.

Market Minute Report - Mortgage News