July 22, 2026

Weekly Mortgage & Market Update

Week of July 6, 2026 in Review

Existing home sales eased slightly in June, while home prices continued their seasonal upswing.

Existing Home Sales Ease in June

After rising for two consecutive months, existing home sales declined 2.4% from May to June to a seasonally adjusted annual rate of 4.09 million homes. Despite the monthly decline, sales were nearly 3% higher than a year ago. Housing inventory also edged lower from May but remains 1.3% above year-ago levels.

According to NAR Chief Economist Lawrence Yun, the recent ups and downs in home sales highlight how sensitive buyers remain to mortgage rates and affordability.

Although inventory has improved compared to last year, the housing market remains undersupplied by historical standards. If buyer demand strengthens more quickly than the supply of homes for sale, home prices could face renewed upward pressure.

Homeownership Continues to Build Wealth

According to Cotality's latest Home Price Insights report, home prices increased 0.6% from April to May and remain 0.8% higher than a year ago.

Cotality also reported a strong seasonal upswing, with home prices rising 1.6% over the past three months, and forecasts another 4.8% increase over the next year.

For perspective, a $500,000 home appreciating 5% would gain approximately $25,000 in value over one year, highlighting the long-term wealth-building potential of homeownership.

Fed Announces Task Force "A-Team"

Fed Chair Kevin Warsh has launched five new task forces focused on improving how the Federal Reserve gathers economic data, communicates with the public, and evaluates inflation, jobs, productivity, and its balance sheet.

The task forces include former Fed officials, international central bank leaders, and business executives, with recommendations expected by the end of the year.

Jobless Claims Snapshot

Initial unemployment claims held steady at approximately 215,000 for the third consecutive week, while continuing unemployment claims remained elevated at 1.814 million.

Although initial claims remain relatively low by historical standards, some displaced workers may be turning to freelance, contract, or gig work instead of filing for unemployment benefits. At the same time, elevated continuing claims suggest many unemployed workers are taking longer to find their next job.

Family Hack of the Week

Celebrate National Blueberry Muffin Day on July 11 with these Lemon Blueberry Muffins from Food Network. This recipe makes about one dozen muffins.

Preheat the oven to 350°F. Whisk together 3 cups flour, 4 teaspoons baking powder, and 1 teaspoon salt. In a separate bowl, combine 1 cup sugar, 2 eggs, 1½ tablespoons lemon zest, and ½ cup melted butter. Alternate adding the dry ingredients with 1½ cups sour cream, mixing just until combined.

Toss 1 cup blueberries with 1 tablespoon flour, gently fold them into the batter, divide evenly among muffin cups, and bake for 25 to 30 minutes, or until a toothpick inserted in the center comes out clean.

What to Watch Ahead

Inflation takes center stage this week with June's Consumer Price Index (CPI) on Tuesday, followed by the Producer Price Index (PPI) on Wednesday.

Thursday brings Retail Sales, weekly Jobless Claims, Pending Home Sales, and Home Builder Confidence. Friday rounds out the week with June Housing Starts and Building Permits.

Source: MBSHighway