Data

In a survey of nearly 15,000 U.S. adults, Gallup found the daily amount spent by Americans was an average $91, down from a six-year high of $98 the month prior and about level with last year. The June record for average daily spending is $104, achieved in 2008. Gallup writer Rebecca Riffkin said June's average "suggests a mixed bag for the economy."

Looking ahead to the next 12 months, 46 percent of Americans polled expect home prices to rise, Fannie Mae reported in its latest National Housing Survey. That share is down from 48 percent in May and 50 percent in April. On average, respondents anticipate a home price change of 2.4 percent, down half a percentage point from the previous two surveys and the lowest forecast since January, when news of a slowdown in price gains affected attitudes.

According to Freddie Mac's Primary Mortgage Market Survey, the average interest rate for a 30-year fixed-rate mortgage (FRM) product was 4.12 percent (0.5 point) for the week ending July 3. Rates remained down year-over-year for the second straight week, "which should provide some help with homebuyer affordability in many markets," said Frank Nothaft, chief economist for Freddie Mac.

According to Realtor.com, the median listing price of homes in May this year was $214,900, a rise of 8 percent compared to year-ago levels. "This May's housing market stands in significant contrast to last year in which price increases were less generalized and more concentrated in specific metropolitan areas," the company said. "This broad increase in price suggests a more evenly distributed recovery and a healthier national housing market."

The U.S. labor market outperformed expectations by a wide margin in June, with gains in both April and May also revised upward.

Analyzing data as of the end of May, Black Knight Financial Services reported another gain in monthly prepayment activity—an indicator of refinancing—marking the third straight month of increases. At the same time, long-term fixed mortgage rates fell to 4.19 percent, their lowest level in more than half a year. Meanwhile, Black Knight also found that seasonal purchase origination activity has risen, with approximately 897,000 originations through April.

Interthinx reported a 1 percent decline in its national Mortgage Fraud Risk Index from the fourth quarter of 2013 to the first quarter of 2014, bringing the index's value down to 100. Three of the component indices—measuring identity fraud, occupancy fraud, and employment and income fraud—came down over the quarter. The remaining component, property valuation fraud, surged up 27 percent to an index value of 128.

Macroeconomic research company Capital Economics calculated a 0.1 percent decline in total loan application volumes throughout June following a 1.8 percent uptick in May. The company's figures are based on weekly reports put out by the Mortgage Bankers Association (MBA). So far this year, applications have risen in three months and fallen in the other three.

An examination of data from the U.S. Census shows millennials are gravitating more toward suburbs and smaller cities. Conversely, baby boomers are becoming more urban, according to Jed Kolko, chief economist at Trulia, who noted that the fastest growing boomer areas also tend to have relatively young populations.

Construction spending edged up 0.1 percent from April to May, though private homebuilding outlays came down slightly. The Commerce Department reported Tuesday that construction spending during May was at an estimated seasonally adjusted annual rate of $956.1 billion, just up from April's revised estimate of $955.1 billion and 6.6 percent higher than the May 2013 estimate of $896.6 billion.