Good Morning! Today is Friday, July 28. The Labor Department is increasing heat-safety inspections in fields like construction and agriculture. Vladimir Putin promised free grain to several African countries after blockades disrupted their supply. The DOJ will investigate the Memphis police in response to the fatal beating of Tyre Nichols.
The Mortgage Note Reports
Rates Move Toward 7%: Mortgage rates increased slightly last week, inching up to 6.81% after falling the week prior.
Home Sales: New home sales and existing-home sales painted a troubling picture of the housing market this past month, but pending sales offer a glimmer of hope.
Opinion: The Community Home Lenders of America has released a Consumer Mortgage Bill of Rights. President Taylor Stork and Kelly Welch, EVP of Equity Resources, explain why it’s needed.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
In other mortgage and housing news…
Inflation Gauge Cools: The personal consumption index rose 4.1% from a year ago, the lowest annual increase since September 2021.
Looking Ahead: Federal Reserve Chair Jerome Powell said it’s “certainly possible” the FOMC will decide to raise rates again in September if inflation hasn’t cooled by then.
Further Out Of Reach: A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% from a year ago.
Reminder For Landlords: The CFPB is reminding landlords that they are required to inform tenants of their rights, such as their ability to dispute their background checks.
Best Of Both Worlds: Cities in the South have the most spacious homes in urban environments, boasting both big houses and lots.