Economy | Paper Economy

Mortgage rates for a 30-year fixed rate loan fell to 4.08 percent since last week, the lowest in nearly a year and a half. In addition to falling mortgage rates, the the purchase application volume decreased 1 percent and the refinance application volume increased 11 percent over the same period.

Construction spending in the US declined in June, according to the US Census Bureau. Total residential spending declined 0.3 percent from May, although construction spending is 7.4 percent higher in June compared to last year. 

US total unemployment increased to 12.2 percent in July, according to Bureau of Labor Statistics. The traditionally-reported unemployment rate also rose to 6.2 percent.

Pending home sales in the US declined 1.1 percent in June, according to the National Association of Realtors. There are conditions that deter potential buyers, such as a shortage of homes in parts of the country.

New home sales in the US fell 8.1 percent in June, signaling that real estate is still a weak spot in the US economy. June US new home sales are also 11.5 percent below June 2013 levels.

National economic activity weakened in June, according to the Chicago Federal Reserve National Activity Index. The Chicago Federal Reserve's index used 85 indicators of national economic activity in four overall categories. 

US retail sales rose 0.2 in June from May and are up 4.3 percent since last year, according tot he US Census Bureau. Sales of nominal 'discretionary items' such as home furnishings and consumers fell from May's levels but are higher compared to last year. 

Mortgage rates for 30 year and 15 year fixed rate mortgages went up, according to the Mortgage Bankers Association. Mortgage rates, however, are still down from the sky-high levels back in 2007 before the Great Recession and the housing market collapsed.

'Total unemployment' declined to 12.1 percent in June, while traditionally-reported unemployment rate also went down to 6.1 percent. The US Bureau of Labor Statistics released its report last week.

The US Census Bureau released the latest read on construction spending Tuesday, showing a mixed bag for May. Both total private construction spending and single family construction spending declined, but non-residential construction spending increased.