On today’s Hot Sheet, Byron Lazine discussed Federal Reserve Chair Kevin Warsh’s testimony before the House Financial Services Committee, where he emphasized that persistent inflation is keeping mortgage rates elevated and weighing on the housing market while reaffirming the Fed’s commitment to price stability and independence.
He also covered the latest Producer Price Index (PPI) report, which showed final demand fell 0.3% in June as lower energy prices offset continued core inflation, and reviewed Mortgage Bankers Association (MBA) data showing mortgage applications declined overall, with purchase demand weakening while refinance activity continued to rise.
