08/28/2026
Your weekly economic update is here. Here is what you need to know:
• Mortgage rates were essentially unchanged last week, increasing by just one basis point. At the same time, more homes coming to market and slower price growth in many areas are giving buyers more choices and helping move the market toward better balance.
• Mortgage applications declined 1.0% for the week as slightly higher rates continued to weigh on both refinance and purchase activity. Refinance volume fell, particularly among FHA and VA borrowers, while purchase applications also remained below last year’s pace.
• New home sales dropped sharply in July, falling 10.5% to their lowest level since January. Higher mortgage rates and continued affordability pressures are keeping some buyers on the sidelines, although the broader housing market is not showing signs of a major downturn.
• The labor market continues to show stability, with initial unemployment claims declining for the second consecutive week. Steady job creation and fewer people receiving unemployment benefits suggest the employment picture remains relatively balanced, giving the Federal Reserve room to stay focused on inflation.
Stay connected with the latest mortgage insights, housing news, and market updates by visiting our website. https://tinyurl.com/ysa2mccu
