In July 2023, the US labor market showed solid gains, easing recession fears. However, a tight labor market may sustain high inflation and prevent interest rate adjustments. Treasury yields rose, pushing mortgage rates above 7%. Home purchase sentiment remained steady despite weak mortgage applications. In summary, the labor market in the US continues to perform well, while interest rates and mortgage rates are on the rise. Homebuyers remain resilient, but face challenges such as high prices and limited inventory. Mortgage applications have increased slightly, but overall demand is not expected to surge in the near future.
Market data for July, 2023
by Geeta Phadte