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  • Consumer confidence hit a 2-year high in July, as inflationary pressures eased and the economy continued to show resilience.
  • The Fed raised its policy rate this week to a 22-year high, as expected. Fed actions do not directly impact mortgage rates.
  • The economy picked up unexpectedly in the 2nd quarter, steering clear of a recession despite Fed rate hikes.
 

Housing News

  • The FHFA reported a 2.8% year-over-year home price increase in May. This was the 4th straight month of gains despite a jump in mortgage rates.
  • New home sales fell in June after 3 months of increases. The drop was attributed to tight inventory rather than lack of buyer demand.
  • Pending home sales rose in June for the first time since February, suggesting the housing market is recovering from recent declines. 
 

Market Minute Report - Mortgage News