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  • Consumer inflation was slightly higher in July but still met expectations, ramping up markets' bets that the Fed would cut rates in September.
  • Wholesale inflation rose much more than expected in July, signaling tariff costs may trickle down to consumers in the coming months.
  • Markets are currently betting on Fed policy rate cuts to begin in September. Mortgage rates already reflect the market speculation.

Housing News

  • The refinance share of mortgage activity increased to 46.5% of total applications from 41.5% the previous week.
  • Purchase apps rose 1% for the week and 17% over last year. ICE’s August Mortgage Monitor reported 26 weeks of consecutive year-over-year gains.
  • ICE also reported year-over-year growth of 1.4% in single-family home prices in July. Condo prices fell 1.8%, the softest condo market since 2012.

Market Minute Report - Mortgage News