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MarketMinute | How did Fed action impact mortgage rates?

Jul 29
5:49
AM
Category | Markets in a Minute

  • Inflation rose 9.1% in June, even more than the expected 8.8%. The increase seems to counter the narrative that inflation is peaking.
  • With inflation still increasing, there is talk that the Fed may raise policy rates a historic 1 percent at their July meeting.
  • The labor market remains strong despite recession concerns. Payrolls increased 372K in June, and wages rose 5.1% from a year ago.

  • Demand for mortgages declined for the 2nd week, led by a dip in purchase apps, which fell 4% from the previous week.
  • According to the Mortgage Bankers Association, the average purchase loan amount fell to $415K last week, down from a $460K high in March.
  • NAR's 2022 Member Profile showed that despite competition and low inventory, members’ median income rose $11K to $54,300 last year.

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