The Fed is on pause and needs to wait and not raise rates. Possible interest rate cuts then need to be considered once inflation is fully under control.
At the national level, housing affordability was flat in July 2023 compared to the previous month.
After last week's dip, mortgage interest rates for the 30-year fixed are back up to 7.18% from 7.12%, making the monthly payment on a typical single-family existing home $2,234.
Overdoing the rate hikes, considering that inflation is likely to calm, will unnecessarily damage the economy.
Mortgage interest rates eased this week from 7.18% to 7.12%. Although this is the fourth week above 7%, demand is still active in the housing market despite higher rates.
There was virtually no change to the already elevated mortgage interest rates in the last week. Rates declined slightly from a high of 7.23% to a still high rate of 7.18%.
July 2023's pending home sales pace inclined 0.9% from last month but fell 14.0% from a year ago.
While recent economic and market indicators remain mixed, commercial real estate continued to slow down in July 2023.
Mortgage rates jumped this week to 7.23% from 7.09% last week, the highest monthly mortgage payment since June 1, 2001, when they were 7.24%
July’s existing home sales reached a 4.07 million seasonally adjusted annual rate. July’s sales of existing homes weakened 16.6% from July 2022.
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