I hope you are enjoying the blessing of great summer weather we've been having and are staying positive about everything that's going on. Even though markets are slowing down, there is still so much to enjoy about every day.
The NAR's report came out recently, and it showed that June was the 5th consecutive month of decreasing home sales. While much of that can be attributed to seasonal trends, this is the first time since 2019 that overall housing inventory increased year-over-year.
On the bright side, things settled down a bit as rates decreased from where they were last week.
Looking forward, expect some volatility next week as the Federal Reserve reconvenes to change the federal funds rate. The current conversation is whether the Fed will stick to their projected .75% hike or go as high as a 1.00% increase in order to further combat inflation. Regardless, much of that change has already been priced into the mortgage market and should not drastically affect pricing, but we will probably see some bumpiness before everything settles down again.
I truly hope you are doing well and enjoying each day.
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