St. Louis Fed President James Bullard says he sees the unemployment rate possibly falling to 7% in 2020. The prediction was part of a generally optimistic view on the economic recovery.

Mortgage rates, as tracked by Freddie Mac, hit a record low for the 6th time since the coronavirus outbreak. Rates are likely to remain low as confirmed cases continue to rise.

Initial jobless claims fell last week, but a record 32.9 million were collecting unemployment checks, as the labor market continued recovery from the COVID-19 slump.

Construction hiring surged in May, after an accelerated pace of layoffs in March and April. The 9.6% hiring rate was the strongest in the history of the JOLTS data.

After a brief pullback at the end of June, purchase mortgage applications spiked 33% over a year ago and grew 5% over the previous week, as buyers took advantage of low rates.

Fannie Mae reports returning consumer confidence in the housing market. 61% of June's survey respondents said it was a good time to buy, up from 52% in May.