Mortgage Rates – moved sideways this week and remain at the worst levels we have seen since July 2025. Rates are up approximately 0.25% from this time last year.
Jobs – the Bureau of Labor & Statistics (BLS) released their Jobs Report for August and it came in stronger than expectation (Mortgage bonds did not like this). The job gains in this report were nearly triple the gains in other reports such as ADP or Revelio. The unemployment level remained steady at 4.1% (also steady year over year). Overall, a very strong report.
Home Price Expectations – Fannie Mae and Pulsenomics released their home price expectations survey which surveys the top 150 economists on value expectations over the next 5 years. The median prediction for 2026 came in at 2.6% (still meaningful!) while the median prediction for the 5 year period moving forward is 15%.
Mortgage Applications were flat week over week again. Purchase application volume remains the same year over year, while refinance volume is down 16%.
Oil Prices the price of oil is up to $90.59 per barrel, an increase of $2.44 from last week. Every $1 of increase in price per barrel translates to approximately 2.5c increase per gallon of gasoline at the pump.