The US capital markets are on hold today in what is shaping up to possibly be a volatile week. The inflation reading and the Fed's favorite inflation gauge, the Core PCE, will be released on Tuesday while the closely watched Jobs Report for July is released on Friday. The two-day Federal Open Market Committee meeting will kick off on Tuesday and ends Wednesday at 2:00 p.m. ET with the release of the monetary policy decision. It is expected that the short-term Fed Funds Rate will be cut by 25 basis points.
Due in part to a strong job market, credit scores rose to a three-year high recently, reports Ellie Mae. The average credit score of borrowers for all types on mortgages rose to 731 in June. Breaking down the numbers showed that, for conventional mortgages backed by Fannie Mae and Freddie Mac, the average FICO score for refinances was 742 and 754 for loans to purchase homes. The current unemployment rate is 3.7%, the lowest in almost 50 years.
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