The Economy

Consumer spending rose slightly in June, but there was little sign of inflation as personal consumption expenditures barely moved. No inflation is good for rates.

The already strong labor market continues to tighten, with fewer jobless claims and layoffs last week. Claims have now been below 300,000 for 126 weeks.

Construction spending fell unexpectedly in June, mainly due to a drop in public projects. Private residential construction was down only 0.2% in June.

Housing News

Mortgage applications fell slightly this week, down 2.8%. However, purchase applications were 9% higher than the same week a year ago.

Pending home sales were up in June, after 3 straight monthly declines. NAR’s Pending Home Sales Index jumped 1.5%, double economists’ expectations.

The housing market remains constrained by a shortage of properties for sale. Homebuilders struggle to fill the gap, citing higher costs and labor shortages.

More Housing News

The housing Market struggled through the Spring season, but the latest data shows promise for the existing home sales data coming in later this month.

With mortgage rates continuing to remain low, this holds promise that the second-half of the year can end up being a much stronger housing market than normal.

Stay tuned each week for a housing market update from American Family Funding.

Santa Clarita home loan lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgage lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. Friendly mortgage brokersmake the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.

American Family Funding 

28368 Constellation Road

Suite 398

Valencia, CA 91355

(661) 284-1150

[email protected]