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Freddie Mac's weekly average interest rate on 30-yr., fixed-rate mortgages hit its lowest level in the survey's 49-year history. This is the 8th time this year for record lows.

The ISM manufacturing index increased to 54.2 in July, indicating manufacturing expansion for the 3rd consecutive month after the spring's steep collapse.

Initial jobless claims fell more than expected last week to the lowest since the pandemic started. The broad decline across nearly all states suggests labor market improvement.

 

 

 

Home prices increased 4.9% in June, even higher than May's 4.1% annual increase, according to CoreLogic. Prices climbed 1.0%, the fastest monthly gain for June since 2013.

Despite rising prices, home affordability was the best level in 4 years, requiring only 19.8% of the median monthly income to make the mortgage payment on an average priced home.

Construction spending fell for the 4th straight month in June. However, even after the declines, spending at the end of June was 5% higher than it was through first 6 months of 2019.