Wall Street Awaits Housing Market and Unemployment Updates Amid Rising Mortgage Rates
Wall Street will receive two key updates this week on the US housing market and unemployment. On Thursday, the Department of Housing and Urban Development (HUD) will release its August report on newly-built home sales. This report focuses on brand-new homes and sales contracts for homes under construction, providing more details on supply and demand in the housing market.
Economists expect a slight increase in sales for August compared to existing home sales data, which showed a decrease. The broader housing market is under pressure from rising mortgage rates and home prices.
Mortgage rates have been historically high heading into 2026 and have continued to rise throughout the year due to the US war with Iran affecting global oil supplies. Surging oil prices have pushed up long-term bond yields, which lenders use as a guide for pricing home loans.
Additionally, on Thursday, the Labor Department will release its weekly report on unemployment claims. Claims for jobless benefits are a proxy for layoffs and can be an indicator of the direction of the job market.