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Housing Market Update | Week of July 8th

Published: July 1, 2024

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Housing Market Update | Week of July 8th

Last week brought notable fluctuations in mortgage rates, landing the 30-year fixed mortgage rate at above 7%. This fluctuation is influenced by economic data suggesting a strong labor market. The good news? We have a big week ahead of us regarding financial data. Depending on the outcome of this week’s inflation reports, we may see significant movement in rates. A low inflation reading could push the Fed to cut rates as soon as September. Conversely, a high report would make it difficult for the Fed to justify cutting rates.

Last Week's Mortgage Rate Recap

Rates Increased Slightly

Mortgage rates saw a slight increase last week as financial data was released throughout the week. The jobs report reflected a healthy economy, pushing them slightly upwards. A closed market on Thursday paused any major fluctuations in the market, and Friday brought rates down marginally.

This Week's Mortgage Rate Forecast

Rates Could Be Volatile

This week’s inflation report could be the most crucial of the year. Markets are eagerly hoping for the Fed to soon cut rates. The fed is looking for inflation data to continue to trend down toward the 2% level to feel comfortable cutting rates as early as September. However, if inflation remains stagnant or increases, you can expect mortgage rates to rise.

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