Last Thursday’s Housing Starts & Building Permits reports were rather disappointing, and showed a nearly 10 percent decline from May to June.
Retail Sales for June were also lower than expected, but still pegged a modest 0.2 percent increase. Consumer spending accounts for roughly 1/3rd of the domestic economy.
Bottom Line for Mortgages:
Rates worsened at the beginning of last week, but Middle-East unrest and the Malaysian Airline tragedy in Ukraine pushed investors back towards the “safe haven” of bonds. Rates ended last week hovering near 12-month lows.
It remains a great time to get pre-qualified and purchase a home.