• Consumer confidence rebounded more than expected in August after 3 straight monthly declines, a positive sign for consumer spending.
  • Last week’s jobless claims fell to their lowest level since June, signaling labor market resilience amid a slowing economy.
  • Fed comments from Jackson Hole last week have led markets to expect a larger policy rate hike in September.

  • Purchase mortgage applications dropped 2% for the week and were 23% lower year over year. Refi apps also fell.
  • Despite talk of falling home prices, June’s prices were 18% higher than in June 2021, according to Case-Shiller.
  • The NAR reports FSBOs made up only 7% of home sales in 2021—the lowest share since 1981—even in the red-hot market.