Greenway's Markets in a Minute I Affordability Improves Even with Rising Prices
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. |
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The ISM manufacturing index increased to 54.2 in July, indicating manufacturing expansion for the 3rd consecutive month after the spring's steep collapse. |
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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. |
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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. |
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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. |