In July, closed sales of previously owned homes increased by 1.3% compared to June, reaching a seasonally adjusted annualized rate of 3.95 million units. This marked the first increase in five months, although sales were still 2.5% lower than the same time last year. The Northeast saw the biggest gains in sales, while the Midwest
Real Estate
The recent decrease in mortgage rates for the third consecutive week did not lead to a surge in refinance applications. In fact, there was a 15% drop in applications to refinance a home loan. This decline may be surprising given the lower rates, but it is important to note that the volume was actually 90%
In the aftermath of the Bank of England’s first interest rate cut in four years, Britain’s major high street lenders have been actively reducing their borrowing costs. The likes of Barclays, Halifax, HSBC, and NatWest are now offering attractive five-year fixed rate mortgages at rates of under 4%, which is below the BOE’s key rate
Inflation rates continued to decrease in July, with the consumer price index (CPI) rising by 2.9% from a year ago, as reported by the U.S. Department of Labor. This marks a decrease from the 3% inflation rate in June, representing the lowest reading since March 2021. The CPI encompasses a wide range of goods and