News in end use

Mortgage loan application volume increased 3.1% on a seasonally adjusted basis from the previous week, MBA reported.

Redfin reported that the daily average mortgage rate dropped to 6.57% on August 4, the lowest level in 10 months.

Private residential construction spending fell 0.7% in June, marking the sixth consecutive monthly decline, the Census Bureau and NAHB reported.

Total construction spending in June was at a seasonally adjusted annual rate of $2,136.2 billion, down 0.4% from the revised May estimate.

Nonfarm payroll employment increased by 73,000 in July, led by health care and social assistance. May and June were revised down sharply.

The Index of Consumer Sentiment increased to 61.7 in July, up from 60.7 in June—a month-over-month increase of 1.60% but 7.10% lower than a year ago.

The 30-year fixed-rate mortgage averaged 6.72%, down from 6.74% in the previous week, Freddie Mac reported.

The median sale price increased 2% year-over-year, remaining just below its all-time high, Redfin reported.

Commercial and multifamily mortgage loan originations in Q2 increased 48% from Q1, MBA reported.

Personal income rose by 0.3% at a monthly rate in June; disposable personal income increased 0.3%; and personal consumption expenditures rose 0.3%.