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Mortgage Market Update 8/22/18

Rates were little changed in quiet trading Wednesday.  In economic news, the National Association of Realtors reported July Existing Home Sales fell 0.7% to an annual rate of 5.34 million units, below the consensus forecast for an increase to 5.40 million.  This was the fourth straight month of declines.  Sales were 1.5% lower than one year ago.  The median existing home price rose to $269,600, a 4.5% increase year-over-year.  These represent national figures.  The median home price in Louisville was $196,000 in July, a 7.1% increase compared to July 2017.  Home sales in Louisville are also down compared to last year by similar percentages.  Separately, detailed minutes from the August 1 Fed meeting will be released at 2:00 PM.

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