Housing Starts Down Third Straight Month

Despite the outpouring of positive sentiment the housing market is sputtering. Worries of a recession loom and geopolitical tensions are at an all time high. Don’t rush to refinance your mortgage too fast - another rate cut is in the cards.

From research: 

“The level of housing starts declined to 1,191k in July, below expectations, but details were firmer as single-family starts increased by 1.3%. Building permits increased by 8.4%, with an increase in both single-family and multi-family permits. Following the mixed report, we left our Q3 GDP tracking estimate unchanged on a rounded basis at +2.1% (qoq ar). We also left our past-quarter GDP tracking estimate for Q2 unchanged at +1.9% (compared to +2.1% as originally reported)” - Goldman Sachs