US Mortgage Rates Rise To Seven Year High, New Home Sales Crash

The housing market has been struggling most of the year, part of it is rising interest rates. US MBA reported mortgage applications grew +4.9% vs -7.1% the prior week as mortgage rates hit a 7 year high. Was this borrowers fearful of higher rates? New Home Sales Fell 5.5% on the month.

American Household Wealth Grows $1.7 Trillion to New Record

U.S. President Trump may be the most divisive President in History but the Federal Reserve shows Americans are getting weathier with him. U.S. household wealth increased in the second quarter to yet another record by $1.7 Trillion to $96.2 trillion, following a 2.327 Trillion gain in the first quarter.