Mortgage Market News

U.S. housing starts in June rose 9.8 percent to 1.17 million, the second-highest level since November 2007. The demand for apartments fueled the surge, following a 16.9 percent decrease the previous month and a 37.5 percent rise in April. Single-family home starts declined throughout the country, with the largest drop in the Northeast at 27.3 percent. Building permits also reached an eight-year high.
The Consumer Price Index rose 0.3 percent last month after increasing 0.4 percent in May. In the 12 months through June, the Core Consumer Price Index (sans food and energy costs) rose 1.8 percent after May's 1.7 percent increase. This inflation measure is still below the Fed’s target 2 percent. Price increases hit gasoline, rent, recreation, personal care, tobacco, airfare and food (most notably eggs at 18.3 percent — the biggest gain since 1973 due to an egg shortage caused by bird flu).
A Greek tragedy has been averted as the EU approved a bridge loan of 7.16 billion euros ($7.76 billion) for Greece. The loan saves Greece from defaulting on payments due to the European Central Bank and International Monetary Fund. It further buys time as terms of a third bailout are finalized.
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