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With a bailout deal in place, the situation in Greece had little influence on mortgage rates over the past week, and the level of daily volatility declined significantly. The economic data released over the past week also did not have much impact and mortgage rates ended a little lower. The housing data released this week was encouraging. June existing home sales increased 3% from May to the highest level since Feb 2007 and they were 10% higher than a year ago. Strong demand and limited inventory continued to push prices higher and the median existing home price reached an all-time high. Total housing inventory did increase slightly in June, but it remains low by historical standards. Existing home sales account for roughly 90% of all single-family home purchases. The most recent reading for the Consumer Price Index (CPI) showed that core inflation continued to hold steady. June Core CPI, which excludes the volatile food and energy components, was 1.8% hig...
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