Happy 4th of July!

The Weekly Recap

Good morning and happy birthday America! Mortgage rates fell again this week as Trump continues to apply pressure to Jerome Powell and the Fed to lower interest rates. 69% of all deals done in NYC in Q2 were all cash deals while the S&P 500 hit another record high to close out H1. Manhattanhenge is back and P. Diddy fans celebrated his not guilty verdicts by spraying one another with baby oil outside the courthouse.

If you missed last weeks newsletter on How Does the Outcome of the Democratic Primary for Mayor Immediately Impact Real Estate you can read that through the link.

Happy Birthday America!

I hope that all of you have a happy and safe Fourth of July weekend. Keep an eye on the UV index and celebrate all things America today! This section will return next week with more real estate insights.

Market Performance

Here are how some other indexes and asset classes have performed as of yesterday morning’s opening bell. Markets are closed today for July 4th.

NYC Market Update

Here is a view of NYC market activity over the past week.

Mortgage Rate Update

The average 30-year fixed-rate mortgage declined again this week for the fifth consecutive week. The 10bps drop is the largest week over week decline since early March. Declining rates are encouraging and, while overall affordability challenges remain, more sellers are entering the market giving prospective buyers an advantage.

News You Can Use

• Canada Rescinds Digital Services Tax After Trump Cuts Off Trade Talks CNBC

• Trump Hammers Powell Again to Cut Rates Reuters

• S&P 500 Rises to Another Record to End H1 CNBC

• Biggest US Banks Pass Federal Reserve Stress Tests Financial Times

• Trump Says He Expects Next Fed Chair to Cut Rates Axios

• Global M&A Powered By Larger Deals in First Half, Bankers Show Appetite for Megadeals Reuters

• Cash Was King In NYC Real Estate in Q2 NY Post

• US Job Openings Climb to Highest Since November Bloomberg

• US Could Be Done With Trade Deals By Labor Day Axios

• Manhattanhenge: The Rare Event that Stops NYC in Its Tracks 3DVF

• Sean ‘Diddy’ Combs Fans Spray Eachother with Baby Oil in Bizarre Courthouse Scene Economic Times

The Deep Insight

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