- Pending Home Sales – Sales jumped a very strong 6.1%. The gain marks the largest since the housing market stimulus efforts of April 2010.
- MBA Purchase Applications – Home sales are on the rise, but it’s not due to increased mortgage demand. The MBA’s mortgage application data was down 1.0% for the purchase index.
- Employment Situation – Total nonfarm payroll jobs increased 288,000 in June after a gain of 224,000 in May and a rise of 304,000 in April.
- Jobless Claims – Demand for labor is improving, as evidenced by 315,000 initial claims.
- Bloomberg Consumer Comfort Index – Consumer comfort fell last week for the first time in more than a month, ending its best quarter since the last U.S. recession began almost seven years ago. The index fell to 36.4, after averaging 35.8 from April through June.
According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgage rates were mostly unchanged heading into the holiday weekend.
30-year fixed-rate mortgages (FRMs) averaged 4.12% with an average 0.5 point for the week ending July 3, 2014, down from last week when they averaged 4.14%. A year ago at this time, 30-year FRMs averaged 4.29%.
15-year FRMs this week averaged 3.22% with an average 0.5 point, unchanged from last week. A year ago at this time, 15-year FRMs averaged 3.39%.
15-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.98% this week with an average 0.4 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.10%.
1-year Treasury-indexed ARMs averaged 2.38% this week with an average 0.4 point, down from last week when it averaged 2.40%. At this time last year, 1-year ARMs averaged 2.66%.
The Dow Jones Industrial Average broke through 17,000 for the first time. It ended the week up 92.02 points, or 0.54%. The S&P 500 finished up 0.55%, while the NASDAQ closed at 4,485.93.
The Week Ahead
Tuesday, July 8
Consumer Credit (3:00 p.m. ET) – The dollar value of consumer installment credit outstanding. Changes in consumer credit indicate the state of consumer finances and portend future spending patterns.
Wednesday, July 9
MBA Purchase Applications (7:00 a.m. ET) – The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
Wednesday, July 10
Jobless Claims (8:30 a.m. ET) – New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time.
Visit the Quicken Loans Zing Blog for updated information on important economic releases that affect your wallet.