It’s time for your weekly look at what’s happening with rate movement, the economy, and the housing market. Watch to the end for a quick smile.
The Fed kept policy rates unchanged at this week’s FOMC meeting. However, the policy statement left the door open for possible rate cuts later this year.
The 10 year Treasury yield dropped below 2% this week for the first time since November 2016. Falling yields could indicate that lower rates are yet to come.
Bonds aren’t the only ones improving. Stocks are also hitting record highs after global central banks have signaled a willingness to stimulate growth.
Homebuilder sentiment retreated slightly in June, according to the monthly NAHB index, despite lower mortgage rates and higher demand for single-family homes.
Housing starts dropped in May, but groundbreaking activity the prior 2 months was stronger than previously thought, pointing to housing market improvement.
Building permits rose 0/3% in MAy, for a second straight month. Permits to build single-family homes were up 3.7%, after 5 straight months of declines.
See you again next week with more news from your local Bellevue Mortgage Lender!
**Rate movements and volatility are based on published, aggregated national averages and measured from the previous to the most recent mid-week daily reporting period. These rate trends can differ from our own and are subject to change at any time.