10-Year Treasury Yield
While rates on 30-year fixed mortgages remained above the 6% mark for most of the last two weeks, for the past three days the data was measured, mortgage rates dropped below 6%. Indeed, the average rate on 30-year fixed mortgages hit 5.88% on Thursday, 5.9% on Friday and 5.98% on Monday.
S&P Case-Shiller
Home price increases slowed in April 2022 for the first time in months, S&P Case-Shiller says. Prices rose 20.4% nationally in April compared with the same month a year ago, according to the S&P CoreLogic Case-Shiller Index. In March, home prices grew 20.6%. The last slight deceleration was in November of last year. In a change from the last five months, when most of the 20 cities saw month-to-month price gains, only nine cities saw prices rise faster in April than they had done in March. Home price increases slowed ever so slightly in April, but it is the first potential sign of a cooling in prices. Prices rose 20.4% nationally in April compared with the same month a year ago, according to the S&P CoreLogic Case-Shiller Index. In March, home prices grew 20.6%. The last slight deceleration was in November of last year. The 10-city composite annual increase was 19.7%, up from 19.5% in March. The 20-city composite posted a 21.2% annual gain, up from 21.1% in the previous month. In a change from the last five months, when most of the 20 cities saw month-to-month price gains, only nine cities saw prices rise faster in April than they had done in March. Cities in the South continued to see the strongest monthly gains, including Charlotte, North Carolina; Tampa, Florida; Atlanta, Dallas and Miami.
Pending Home Sales
U.S. pending home sales rebound in May, reversing a six-month decline. .S. pending-home sales rose in May by 0.7%, according to the monthly index released Monday by the National Association of Realtors. Analysts polled by the Wall Street Journal had forecast the pending home sales index to drop by 4%. This increase breaks a six-month decline, and comes as mortgage rates continue to rise. Key details: Compared with a year earlier, transactions were down 13.6%. Regionally, the index jumped the most in Northeast, and fell in the Midwest and West. Big picture: The rise is not likely to change economists’ grim forecast for the housing market.
Consumer Confidence
US Consumer Confidence Hits 16-Month Low on Drag From Inflation. Conference Board index sags to 98.7, lowest since February ‘21. Expectations index plummets to worst in nearly a decade. US consumer confidence dropped in June to the lowest in more than a year as inflation continues to dampen Americans’ economic views. The Conference Board’s index decreased to 98.7 from a downwardly revised 103.2 reading in May, data Tuesday showed. The median forecast in a Bloomberg survey of economists called for a decline to 100.
Intel Trade in Goods
mmmm
Wholesale trade Adv
mmmm
Shiller
mmmm
FHFA
mmmm
MBA Purchase Applications
mmmmm
GDP
U.S. GDP drops 1.6% vs. prior 1.5% decline. Consensus was -1.4%. A 1.6% decline in the first quarter and was worse than the Dow Jones estimate for a gain of -1.4%. Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months if not longer.
Corporate Profits
mmmm
Jobless Claims
mmmm
Personal Income
mmmm
Consumer Spending
mmmm
Core PCE
mmmm
PMI Mafg final
mmmm
ISM Index
U.S. factory activity slows to two-year low as clouds gather over economy. U.S. manufacturing activity slowed more than expected in June, with a measure of new orders contracting for the first time in two years, signs that the economy was cooling amid aggressive monetary policy tightening by the Federal Reserve. ISM manufacturing index falls 3.1 points to 53.0 in June. New orders, employment measures contract Construction spending dips 0.1% in May.
Fixed Mortgage Rates
mmmm
Constrruction Spending
U.S. construction spending unexpectedly fell in May 2022 as single-family homebuilding stalled, more evidence that the Federal Reserve's aggressive monetary policy tightening was slowing the economy. The Commerce Department said on Friday that construction spending slipped 0.1% in May 2022 after increasing 0.8% in April. Economists polled by Reuters had forecast construction spending would rise 0.4%. Construction spending increased 9.7% on a year-on-year basis in May. Spending on private construction projects was unchanged in May after advancing 1.1% in April. Investment in residential construction rose 0.2%, though spending on both single-family and multi-family housing projects was flat. The average contract rate on a 30-year fixed-rate mortgage has jumped close to 6% as the Fed raises interest rates to tame inflation.
|
