The Federal Reserve issues its latest snapshot of consumer borrowing on Wednesday. The Labor Department releases its weekly tally of unemployment benefits claims on Thursday. Mortgage buyer Freddie Mac on Thursday delivers its weekly snapshot of home loan rates.
The tally is expected to show consumer borrowing rose by $9.1 billion in June, easing from the $11.4 billion jump in May. Total consumer debt has risen to more than $5 trillion. Consumer debt is being closely watched amid the persistent squeeze from inflation.The number of Americans filing for unemployment benefits jumped to its highest level in a year during the last week in July, even as the labor market remains surprisingly healthy.
The average rate on a 30-year mortgage capped off July by falling to its lowest level since early February. The average rate on a 30-year mortgage has recently been more than double what it was just three years ago. The elevated mortgage rates have discouraged home buyers, extending the nation’s housing slump into its third year.
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