What’s Ahead For Mortgage Rates This Week – July 8, 2013
Last week saw a relatively quiet week due to the 4th of July holiday, but there were some housing-related developments: Monday: The Department of Commerce reported that overall construction spending increased by 0.50 percent in May to a seasonally adjusted annual rate of $874.9 billion. Residential construction grew by 1.20 percent, and May 2012 construction spending was 5.40 percent higher than in May 2012. More spending in residential construction can indicate builder confidence in housing markets; added construction could help ease low inventories of available homes. Tuesday: CoreLogic reported that May national home prices increased by 12.20 percent over May…