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Mortgage Market Update 8/21/19

Rates held steady Wednesday as newly released housing data came in close to expectations.  This morning, the National Association of Realtors announced July existing home sales rose 2.5% to an annual rate of 5.42 million units, slightly above forecast.  The inventory of existing homes available for sale was at a 4.2 month supply, 2% lower than one year ago.  The median home price rose 4.3% year-over-year to $280,800.  Stocks moved higher.  Detailed minutes from the July 31 Fed meeting will be released at 2:00 PM.

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