National economic activity weakened in June, according to the Chicago Federal Reserve National Activity Index. The Chicago Federal Reserve's index used 85 indicators of national economic activity in four overall categories.
US retail sales rose 0.2 in June from May and are up 4.3 percent since last year, according tot he US Census Bureau. Sales of nominal 'discretionary items' such as home furnishings and consumers fell from May's levels but are higher compared to last year.
Mortgage rates for 30 year and 15 year fixed rate mortgages went up, according to the Mortgage Bankers Association. Mortgage rates, however, are still down from the sky-high levels back in 2007 before the Great Recession and the housing market collapsed.
The average rate for a 30 year fixed rate mortgage decreased 4 basis points to 3.94 percent since last week while the purchase application volume declined 5 percent and the refinance application volume declined 12 percent over the same period.
Mortgage rates for a 30-year fixed rate loan fell to 4.08 percent since last week, the lowest in nearly a year and a half. In addition to falling mortgage rates, the the purchase application volume decreased 1 percent and the refinance application volume increased 11 percent over the same period.
Construction spending in the US declined in June, according to the US Census Bureau. Total residential spending declined 0.3 percent from May, although construction spending is 7.4 percent higher in June compared to last year.
Pending home sales in the US declined 1.1 percent in June, according to the National Association of Realtors. There are conditions that deter potential buyers, such as a shortage of homes in parts of the country.
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The US Census Bureau released the latest read on construction spending Tuesday, showing a mixed bag for May. Both total private construction spending and single family construction spending declined, but non-residential construction spending increased.
National economic activity grew in May, according to the Chicago Federal Reserve National Activity Index. The index looks at 85 indicators that fall under four categories such as 'employment, unemployment, and income' and 'sales, orders, and inventories.'
The US Department of Labor released its employment situation report on Friday. Less workers were employed for 27 weeks or longer, but the US still has a long way to go before returning to pre-recession levels.
The US Census Bureau released their latest read on construction spending. Total private construction spending and single family construction spending since March has gone up, while non-residential construction spending declined.
The average rate for a 30 year fixed rate mortgage (from FHA and conforming GSE data) decreased 2 basis points to 4.34 percent since last week while the purchase application volume declined 4 percent and the refinance application volume declined 7 percent over the same period.