I have seen in the media this morning stating home equity has dropped with the assumption that home values have also dropped. This is not the case.

What is actually going on is a large amount of people are doing cash out refinances or Home Equity Lines of Credit.

We are looking for Wednesdays report on inflation Wednesday. But will it be enough for the FEDs from hiking another 25bp on July 26th.

Rates have been hit hard the last two weeks. On Monday, July 10, 2023, the current average interest rate for a 30-year fixed mortgage is 7.38%, up 23 basis points from a week ago. 

We are still projecting lower rates this summer but its been a stubborn ride this year.