The week kicked off with some good news as the U.S. and Iran reached a temporary peace agreement, helping ease concerns that had been pushing energy prices higher. Lower oil prices helped create a friendlier environment for mortgage rates and brought some relief to the markets. Homeowners also continued to benefit from rising home equity, showing how owning a home can build wealth over time.
This week, all eyes were on the Federal Reserve and its new chairman, Kevin Warsh. Interest rates were left unchanged, and while inflation remains a concern, the overall message was that future decisions will depend on how the economy performs. On the housing side, buyer activity has remained surprisingly strong, with signed contracts increasing for the fourth month in a row.
If oil prices remain lower and global tensions continue to ease, mortgage rates could become more stable in the weeks ahead. The Fed is still focused on inflation, so rates may not move lower right away, but conditions appear to be improving. For buyers and homeowners, the housing market continues to show strength, which is encouraging heading into the second half of the year.
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