Helping You Navigate the Market
Market insights provided by Matt Pell, Senior Loan Officer at CrossCountry Mortgage
Mortgage Rates Hold Steady
It was a quiet week for the markets, with very few economic reports moving the needle. Mortgage rates ended the week essentially unchanged, giving buyers and refinancers a steady environment heading into mid-August.
Two notable reports from the Institute of Supply Management (ISM) came in weaker than expected:
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Services Sector Index: Fell to 50.1 (above 50 = expansion, below 50 = contraction)
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Manufacturing Index: Dropped to 48.0
While service industries continue to outperform manufacturing, higher tariffs on foreign goods could help U.S. manufacturing close the gap over time.
Jobless Claims Edge Higher but Stay Healthy
The Department of Labor reported 226,000 new unemployment claims, up from 218,000 the previous week and slightly above forecasts. Even so, this remains well below the pandemic highs and is consistent with pre-2020 levels—signaling that while hiring may be slowing, companies are still reluctant to lay off workers.
Trade Deficit Returns to Normal Levels
The U.S. trade deficit spiked to a record $140 billion in March due to pre-tariff buying, but has since eased. In June, the deficit dropped to $60 billion, beating expectations and suggesting trade activity has normalized.
Week Ahead
Investors will keep an eye on tariff developments and Federal Reserve commentary for clues about monetary policy changes later this year. Key reports to watch:
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Tuesday 8/12: Consumer Price Index (CPI) – measures inflation at the consumer level
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Thursday 8/14: Producer Price Index (PPI) – tracks wholesale price trends
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Friday 8/15: Retail Sales – key consumer spending indicator
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Friday 8/15: Import Prices – measures inflation in imported goods
Since consumer spending makes up more than two-thirds of U.S. economic activity, Friday’s retail sales report will be a particularly important gauge of economic health.
Market Snapshot
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Mortgage Rates: Flat (0.00 change)
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Dow Jones: +600 points
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NASDAQ: +700 points
Special thanks to MBSQuoteline for providing market insights, and to Matt Pell – Senior Loan Officer at CrossCountry Mortgage for sharing this update with Treeline Realty clients.
📞 Matt Pell – Senior Loan Officer
D: 239-292-0654 | Website | ✉️ matt.pell@ccm.com
8270 College Parkway, Suite 201, Fort Myers, FL 33919
NMLS #1018529 | Branch NMLS #2425927 | Company NMLS #3029
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