Economic Update

Weekly Mortgage News

The National Association of Home Builders includes the K.C. Metro in its First American Improving Markets Index (IMI) for July. Also, CoreLogic reported last week that home prices rose 12.2% in May, compared to May, 2012. Kansas improved 5.6% and Missouri improved 2.9% year-over-year.

Recap from Last Week:
Employers added nearly 200-thousand non-farm jobs last month, which helped trigger a volatile day for mortgage rates last week. The official Unemployment Rate remains at 7.6%.

Bottom Line for Mortgages:
All the good news of-late has created a lot of volatility and mortgage rates continue to move higher. However, rates remain attractive from a historical standpoint.

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