The National Association of REALTORS reports that housing affordability rose in June from a year ago due in part to three-year low mortgage rates. The Housing Affordability Index rose to 151.9 in June from June 2018, a 10% rise. A higher reading means that homes are getting more affordable that measures prices, incomes, and financing costs. The median price for single-family homes across the US was $288,900 in June, up 4.5% from $276,500 in June 2018. Freddie Mac reported last week that the 30-year mortgage rate was 3.60% compared to 4.53% a year ago.
US stocks begin the week considerably higher as global recession fears ease a bit while President Trump said over the weekend that he doesn't see a recession here in the US. And after several global central banks announced additional stimulus plans late last week, stocks are surging with Dow futures +300 points. The week is light on economic data. The highlight this week will be the two-day Jackson Hole Economic Symposium hosted by the Fed that begins on Thursday. The Fed minutes from the July 31 meeting will be released Wednesday afternoon and could offer some clues as the future path of interest rates.
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