Mortgage Market News

The holiday shortened week kicked off today as summer trading patterns take hold of the market. This week, economic reports are on the light side, but the closely watched June Jobs Report will be released on Friday. It is expected that U.S. employers added 175,000 new workers last month. The report will be scrutinized by both investors here in the States and abroad as well as the Federal Reserve members when considering future monetary policy.
Small business hiring picked up in June, reaching the highest level it's been in a year. The Paychex IHS Small Business Jobs Index increased 0.21% to 100.81 in June from May, which was the best reading this year. A number above 100 indicates growth. The index is now higher by 0.18% year-over-year after flat to negative readings in the 18 months. With small businesses representing nearly 95% of all employers in the U.S., the Paychex | IHS Small Business Jobs Index serves as an indicator of the overall economy, providing a monthly, up-to-date measure of change in small business employment.
Home prices continue to produce solid gains as evidenced by the positive report from CoreLogic, a leading provider of consumer, financial and property information. CoreLogic reported that home prices, including distressed sales, rose 5.9% from May 2015 to May 2016. Home prices also rose 1.3% from April to May. The housing sector will likely remain a bright spot in the economy with rates at historic lows. CoreLogic forecasts that home prices will rise 5.3% year-over-year in May 2017.
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