August 12th Housing & Economy Report

Rod and I are pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!

Rate Environment

The Economy

  • At the end of July, the Fed made its first policy rate cut since 2008. Over the following week, mortgage interest rates dropped to their lowest level since 2016.
  • President Trump announced a new round of tariffs on Chinese imports to start in September. Stocks plummeted and bonds rallied, pushing mortgage rates lower.
  • Weekly jobless claims fell last week, pointing to a strong labor market despite a slowing economy and deteriorating trade relations with China.

Housing News

  • Fannie Mae's Home Purchase Sentiment Index hit a record high in July, showing consumer confidence. The HPSI reached 93.7, up 7.2 points over last year.
  • Mortgage applications rose 5.3% from the previous week and 46.5% over a year ago. Most of the increase was in refinance applications.
  • Home prices continued to rise in the 2nd quarter. The national median existing single-family home sales price was $279,600, up 4.3% from a year ago.

 

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