Good Thursday AM,
The ten-year bounced from the top of the downward channel as we hoped it would. Unemployment claims are up from last week and job cuts are down. The Bank of England hiked their rate by 50bps this a.m. Mortgage Bonds held the critical support level, and all seems right in the bond world. But is it? Today things look great, but tomorrow the payroll numbers will be released, and if they come in better than expected, I fear bonds may give back their recent gains. I am bullish on bonds, and I believe rates continue trending down, but this does not mean we are in the clear and should not be concerned with days like tomorrow.
If you float, you should talk to your borrowers and let them know the pros and cons and the importance of the payroll numbers.
And… lots of talk about inventory and pricing as the market has slowed down but, it’s not all bad news.. I tend to look at data over a longer period than just week to week or month to month.. here is some national data which does tend to apply to most individual markets..
Median Listing Price Activity (Single-Family Detached Homes):
- For the week ending July 29, 2022, the median price of all single-family listings in the U.S. was $441,156, a 13.7% increase year-over-year, the report said.
- For the week ending on July 29, 2022, the median closed price of single-family listings in the U.S. was $414,147, an 8.4% increase year-over-year.
- The median price of all single-family listings in the U.S. is down by 1.4% month-over-month and the median price of closed listings has decreased by 2.1% month-over-month.
Please remain safe and healthy, make today great.