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. |