Mortgage News

The Markets in a Minute - August 5

August 5th, 2016

For the Week Ending August 5, 2016
 

Enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Jobless claims were once again below 300,000, signaling a healthy labor market. Labor market strength contributes to more spending on goods and services.
 
Consumer spending rose in June, suggesting a strengthening economy. Personal consumption accounts for more than two-thirds of U.S. economic activity.
 
Despite healthy consumer spending, the Commerce Department showed inflation is still muted. Lack of inflation helps to keep interest rates low. 
 

Construction spending on single-family homes was down slightly in June but up 4.8% over last year. June also saw increased spending on home improvements.
 
A new trend in kitchen design is to use mixed colors in cabinetry and countertops. A recent survey found 42% of remodelers used multiple colors.
 
Home price reports show nationwide prices up 5.7% year-over-year in June. Prices are expected to continue to increase at a healthy rate for the next year.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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