Strong Jobs Report Bumps Rates Higher – For Now
Despite strong economic releases, unexpectedly weak home construction data and concerns about international trade relations tempered mortgage rate increases over the past seven days.
Market Trends
June Housing Starts: Still Sluggish
A sluggish first half of 2019 indicates that builders have so far not been as willing or able to put up as many new homes as the strong economy and milder summer weather might otherwise suggest.
Strong Jobs Report Bumps Rates Higher – For Now
Mortgage rates rose this week following a stronger-than-expected jobs report, but are expected to come back down after Federal Reserve Chairman Jerome Powell testified that a near-term cut to the federal funds rate remains likely.
36 Major Metros Where High School Grads Can Afford a Home (Q1 2019 Affordability)
Despite home values climbing for years, the median home in 36 of the country’s 50 largest metro areas is theoretically affordable to households that earn the typical income associated with attaining only a high school diploma.
Rates Tick Lower Ahead of Jobs Report
The most important release is that of June jobs figures, due this coming Friday. Always a market-mover, this month’s figures carry considerable influence in the wake of last month’s disappointing release and should offer insight into whether last month was an exception or the beginning of a downward trend.
Mortgage Rates: Fed Fallout Mostly Flat
Rates have fallen consistently over the past several weeks, and that trend continued in the days following the Fed’s suggestion of a near-term cut to the federal funds rate.
May New Home Sales: Continuing to Adjust
It's an indication that the market continues to adjust to an otherwise relatively healthy spring for new construction.
Housing Market Continues to Cool and Normalize (May 2019 Market Report)
The for-sale and rental housing markets moved in opposite directions in May -- the former slowing, the latter growing. Both are signs of normalization.
May Existing Home Sales: Chipping Away
The market no longer faces the climbing mortgage rates or poor stock market performance that helped set the stage for last year’s declines – and existing home sales are bouncing back slowly.
