August 10, 2018 : This week’s Markets In A Minute: New record median price reported for single family homes
In this week’s The Markets In a Minute we look at news about the median price of homes, the labor force, inflation and more.
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- Although last week’s jobs numbers were lower than expected, employment remains strong. Unemployment claims this week unexpectedly fell to 213,000.
- The strong labor market and robust economy are pushing up inflation, which could pressure rates higher. Import duties are also boosting price pressures
- Inflation and strong labor market data have economists forecasting the Fed will raise rates twice more in 2018. Mortgage rates have already factored this in
- According to NAR, the median price for a single-family home nationwide is at a record $296,000. That’s an increase of 5.3% year-over-year
- Weekly mortgage application numbers were down 3% from the previous week. The drop is being blamed on tight inventory and rising home prices.
- CoreLogic’s Home Price Index shows home prices rose by 0.7% in June over May. CoreLogic forecasts prices will increase 5.1% in the year going forward.
How many siblings does it take to change a lightbulb? Zero. By the time they stop fighting you would have already changed it yourself.
| 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. |
Wondering how changing interest rates and home prices might affect your budget?
Find out with this interactive calculator: https://mtg.expert/rtpricecalc
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