Market Minute - Economy and Housing News - Erin Carvelli

  • Manufacturing contracted for an 8th month in June, slipping to the weakest level in 3 years.
  • Payroll company ADP reports businesses added the most jobs in a year in June, underscoring the ongoing strength of the labor market.
  • The service sector expanded in June at its fastest pace in 4 months, pointing to a resilient economy.

  • Mortgage applications dropped to the lowest level in a month. Purchase apps fell 5% for the week and 22% year over year.
  • Homeowners insurance rates are soaring. Some companies are pulling out of states with high losses from natural disasters, including CA and FL.
  • Pending home sales fell in May to the lowest level in 5 months. The chronic shortage of houses on the market weighed on activity. 

Market Minute Report - Mortgage News