The FRM rate is down marginally from last week's 3.9%, though still higher than a year ago when it averaged 3.65%. However, despite low rates, the housing market remains hampered by tight mortgage credit standards.
It's the highest median quarterly price and a new peak thanks to supply shortages. NAR's chief economist continued to ramp up his criticism, saying there is a "glaring need" for more new construction as "would-be buyers are priced out of the market."
Congress has work to do in Sept. to keep RE on track. In addition to flood insurance expiring, the U.S. will run out of money on Sept. 29. If the gov't did shut down, it would bog down RE tasks that require fed intervention, such as some FHA functions.