7/22: EconUpdate by P. Duffy

EconUpdate by P. Duffy

Housing starts rise 6.3 percent in June and 29.1 percent year-on-year

June housing starts rose 6.3% from May and 29.1% year-on-year to an annual rate of 1,643,000.  June single‐family housing starts in June rose by a similar amount from May to 1,160,000. The June rate for units in buildings with five units or more was 474,000.

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

 

Building permits fall 5.1 percent in May, but still up 23.3 percent year-on-year

June building permits fell 5.1% from May to an annual rate of 1,598,000 (an 8-month low), but were still up 23.3% year-on-year. Single‐family permits fell 6.3% from May to June to an annual rate of 1,063,000. Authorizations of units in buildings with five units or more were at a rate of 483,000 in June.

https://www.census.gov/construction/nrc/pdf/newresconst.pdf

 

Purchase loan apps fall 3 percent from previous week, down 18 percent year-on-year

The Market Composite Index for mortgage applications decreased 4.0 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling six percent (and down 18 percent year-on-year) and refinance activity falling 3 percent (and down 18 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages increased to 3.11 percent from 3.09 percent.

https://www.mba.org/2021-press-releases/july/mortgage-applications-decrease-in-latest-mba-weekly-survey-x282728

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