Mortgage rates remain flat, despite concerns over the intensifying trade battle between the U.S. and China and the resulting stock market uncertainty.
According to Zillow economic research director Aaron Terrazas, rates appear to be in a "summer lull" below the latest high levels, yet higher than in January 2018. Terrazas anticipates that, "rates are likely to remain in the zone where they have stabilized in recent weeks," and incoming inflation data and upcoming Congressional testimony by Federal Reserve Chair Jerome Powell.
Friday June 29 marked the release of the Federal Reserve’s preferred inflation measure, the personal consumption expenditures price index excluding food and energy. May numbers are not expected to rouse Fed concerns. One indication that the economy is percolating is U.S. oil production, which this month reached – and maintained – record levels. The United States is producing more oil each day than any other country except Russia.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
