The National Association of Home Builders/Wells Fargo housing market index for May fell 2 points to 67, down from its initial reading of 70. Readings above 50 indicate that more builders view conditions as good than poor. Current sales conditions, sales expectations, and buyer traffic all fell.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.91% this week, up from last week’s 3.89%. A year ago it was 3.54%. The 15-year fixed averaged 3.18%, up from 3.16%. A year ago it was 2.81%.
The Philadelphia Fed manufacturing index for June fell to 27.6 from 38.8 in May. That was better than the 26 expected by economists. The New York Fed reported the Empire State index, rebounded to 19.8 from May’s negative 1. Economists expected 5 and it’s the highest reading since September 2014.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
