For the Week Ending June 23, 2017
Please enjoy this quick update on what’s happening this week in the housing and financial markets.
- Crude oil prices have plummeted this week, which helps to curb inflation concerns. A lack of inflation helps keep mortgage rates low.
- Although the economic outlook continues to improve, consumers are showing signs of declining confidence in their personal finances and may spend less.
- Jobless claims were up slightly this week, hitting 241,000. In a sign of labor market strength though, this is the 120th week claims were below 300,000.
- Nationwide, properties stayed on the market for a median of just 27 days in May. This was the shortest timeframe since NAR began tracking the data in 2011.
- Existing home sales rose 1.1% month-over-month in May to 5.62 million. Existing home sales are now 2.7% higher than a year ago.
- Inventory shortages continue to push home prices to new highs. The median existing home price was $252,800 in May, passing last June’s peak of $247,600.
The older generation’s dream was to pay off the mortgage. The younger generation’s dream is to qualify for one.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.