Texas Home Lending News

MARKETS FOR THE WEEK ENDING JULY 23, 2021

Issue No. 380

30 YEAR FIXED MORTGAGE RATE MOVEMENT

For the Week Ending July 23, 2021

Jason,

Please enjoy this quick update on what happened this week in the housing and financial markets.

Stocks suffered losses while bonds improved to start the week, helping drive mortgage rates lower. The moves were blamed largely on global economic recovery concerns.

The COVID-19 recession started in Feb and ended in April 2020, making it only 2 months and the shortest in U.S. history, according to the National Bureau of Economic Research.

Jobless claims were higher than expected last week, showing the unevenness in the labor market's recovery. Claims reached a level last recorded in early June.

June housing starts rose more than expected, despite expensive lumber and shortages of land and labor constraining builders' ability to meet robust demand.

The median price of a newly built home was up 18% in May from a year ago. Prices for existing homes are also up; in June median prices hit an all-time high of $363,300.

After 4 straight monthly declines, sales of previously owned homes rose 1.4% in June. Sales were up 22% compared to June 2020, and inventory was slightly higher.

"There are two things a person should never be angry at; what they can help, and what they cannot."
Plato

Posted in:FINANCIAL MARKETPosted in:REAL ESTATE MORTGAGEPosted in:ECONOMY and tagged: FINANCIAL MARKET REAL ESTATE MORTGAGE ECONOMY

Posted by Shawn Smith NMLS#863501 on July 28th, 2021 9:17 AM

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MARKETS FOR THE WEEK ENDING JULY 23, 2021

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