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Housing Market Update | Week of July 1st

Published: July 1, 2024

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Housing Market Update | Week of July 1st

Last week, we saw a slight rise in mortgage rates, mainly driven by a stronger-than-expected jobs report which indicated robust employment growth and wage increases. This week, there’s a lot of inflation data hitting the news that will likely impact the direction of mortgage rate trends.

Last Week's Mortgage Rate Recap

Rates Increased Slightly

Last week, mortgage rates experienced a modest increase following a strong jobs report. The report indicated a healthy labor market with robust employment growth and wage increases. These factors often lead to concerns about inflation and potential rate hikes by the Federal Reserve. However, the market remained resilient, with new home sales rising by 2.5% month-over-month showing continued buyer demand!

This Week's Mortgage Rate Forecast

Rates Could Drop

This week, rates could be volatile as the market reacts to new inflation data. All eyes are on Wednesday’s Consumer Price Index (CPI) report for signs of rising inflation, which could prompt for future rate hikes from the Federal Reserve. Thursday, the Producer Price Index (PPI) will provide additional insights into inflationary pressures from the production side. Conversely, lower inflation readings could lead to a drop in rates.

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