Friday Market Update for the Week of July 23rd 2021

Happy Friday Everyone! Let’s get right to it!

Highlights from this week:

Global financial markets are nervous about the COVID delta variant & its impact globally. Therefore we saw a downplay on stock market, positively impacting mortgage rates.

Housing starts in June went up 4.6%. However completion is down as we are still seeing labor and supply issues in housing market

Existing home sales showed closed transactions for the month of June up 1.4% month over month.

Cash buyers are making up 23% of all transaction, which is up from a record high of 16%.