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High housing costs and economic instability are driving would-be buyers away.
The median U.S. home-sale price hit a record $400,894 during the four weeks ending June 7, up 1.5% year over year. That marks the first time the typical American existing home has sold for over $400,000, according to a Redfin analysis of MLS data.
Monthly ...
Takeaway: Today’s CPI data should have little effect on mortgage rates. The report came in better than last month, but that was expected. It should keep the Fed on hold at their meeting next week.
Higher energy prices pushed overall headline CPI higher again while core CPI, which excludes food and energy, was relatively tame as forecasters had expected.This Week In A Nutshell: With the Strait of Hormuz still closed and fresh off a hot jobs report last week, rates are at risk of climbing further this week if Wednesday’s inflation data comes in above expectations.
Upcoming AttractionsThe biggest news this week, aside from any developments in peace negotiations with Iran, is Wednesday’s Consumer...