Economic Update for Last Week in the news

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 1 fell 5.2%. Refinancing applications decreased 9.2%. Purchase volume rose 4.8%.

Retail sales rose 1.5% for the week ending July 2, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.5%.

According to the Federal Reserve, consumer credit debt rose in May by $5.1 billion for a total credit level of $2.43 trillion. Revolving debt, which includes credit cards, rose by $3.4 billion. Non-revolving debt, including loans for cars, rose by $1.7 billion.

Initial claims for unemployment benefits fell by 14,000 to 418,000 for the week ending July 2. Continuing claims for the week ending June 25 fell by 43,000 to 3.7 million. The monthly unemployment rate rose to 9.2% in June from 9.1% in May.

Adapted from Prospect Mortgage Article by Jeremy Daugherty

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