Overview: Over the past week, the primary economic news came from the surprisingly strong housing sector. Mortgage rates experienced some volatility during the week but ended with little net change.
The past week's housing data has again revealed that recovery from the economic impact of the coronavirus has been much faster than anticipated. In July, sales of previously owned (existing) homes, which make up about 90% of the market, unexpectedly jumped a record 25% from May to the best level since 2006. National median existing-home prices were up 9% from a year ago. A sho...