The housing market appears to be benefiting from the somewhat lower long‐term rate environment that has unfolded this year. Mortgage refi activity is on the upswing. Mortgage refinance applications are up 37.2% since the end of last year, though compared to recent years activity year‐to‐date can hardly be deemed a mortgage refi boom.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on June 23.
- New single‐family home sales through May are up 8.9% from a year ago and continue to advance at above trend growth rates.
- Median new home prices are up 16% from February levels and up 69% from October 2010 levels.
- Despite this, other economic indicators released this past week suggest an economy struggling to keep up with elevated expectations.
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