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.
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.
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.