All Paper Economy

Mortgage rates rose seven basis points to 4.68 percent since last week, according to the latest data from the Mortgage Bankers Association. 

The latest read of job openings and labor turnover (JOLT) from the BLS showed that job openings dropped 5.06 percent in June but remained 2.27 percent above the level seen in July 2012. 

Data released by the Federal Reserve shows commercial paper continues to decrease each month. Current commercial paper outstanding levels are significantly lower than in the past two recessions. 

Recent data released by the Department of Agriculture indicates rising participation rates in the federal food stamp program. 

Mortgage rates declined 5 basis points to 4.6 percent since last week while the purchase application volume declined 0.4 percent. Mortgage rates appear to be continuing to rise after some settling and following weeks of explosive increases.

The ISM's latest report on the manufacturing sector found that manufacturing improved slightly in August: the the purchasing manager’s composite index (PMI) rose 0.54% since July and climbed 9.86% above the level seen a year earlier giving an, indication of improving conditions for manufacturing.

Construction spending increased 0.92 percent in July, with residential construction spending up 19 percent from a year ago.

Pending home sales declined with the seasonally adjusted national index falling 1.3 percent from June 2013 but increasing 6.7 percent above the pending home sales level seen in July 2012. 

Mortgage rates increased a notable 12 basis point to 4.66 percent since last week while the purchase application volume increased 2 percent.

Nationally, home prices increased 0.65 percent in June and 7.48 percent above the level seen in June 2012. 

Jobless claims rose by 13,000 to 336,000 claims from 323,000 jobless claims for the prior week.

The rate for a 30-year fixed rate mortgage has climbed to 4.54 percent since last week, and purchase applications increased by 1 percent. After a brief settling period the past few weeks, mortgager rates appear to be on the rise again. 

The national economy remained near contraction in July with the index improving to weak level of -0.15 from a level of -0.23 in June, according toe the latest release of the Chicago Federal Reserve National Activity Index.

In May, 86,720 more Americans applied to the federal food stamps program. The swelling participation in the food stamps program shows that Americans are still feeling the effects of the prolonged economic downturn.

The average rate for a 30 year fixed rate mortgage declined 7 basis points, moving down to 4.4 percent this week. Meanwhile, the purchase application volume declined 5 percent, and the refinance application volume declined 4 percent.

As home values have declined, retail spending — which increased 0.2 percent from June — has remained low. 

Although they both remained below 400,000, the number of Americans making both initial and continued unemployment claims rose from last week. In total, there are 1.51 million Americans receiving federal "extended" unemployment benefits.

Mortgage rates seem to be settling down after remarks from Federal Reserve Board Chairman Ben Bernanke triggered explosive rate increases. The average rate for a 30 year fixed rate mortgage moved up from last week.

Although unemployment rates dropped in July, the employment situation remains in a sorry state, even compared to the double-dip recession of the early 1980s.

In July, total unemployment declined to 14 percent while traditionally reported unemployment dropped to 7.4 percent — the lowest figure in four years.