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August 19th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Interest on a 30-year fixed-rate mortgage averaged 5.13% for the week ending August 18, down from last week when it averaged 5.22%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.86%. Interest on a 15-year fixed-rate mortgage averaged 4.55%, down from last week when it averaged 4.59%. A year ago at this time, the 15-year FRM averaged 2.16%.
In the week ending August 13, the advance figure for seasonally adjusted initial claims for unemployment insurance was 250,000, a decrease of 2,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised down by 10,000 from 262,000 to 252,000. The 4-week moving average was 246,750, a decrease of 2,750 from the previous week’s revised average. The previous week’s average was revised down by 2,500 from 252,000 to 249,500.
Existing-home sales fell in June for the sixth consecutive month to a seasonally adjusted annual rate of 4.81 million, according to the National Association of Realtors. Sales were down 5.9% from June and 20.2% from one year ago. The median existing-home sales price climbed 10.8% from one year ago to $403,800. That’s down $10,000, however, from last month’s record high of $413,800.
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| MARKET MIRROR |
Thursday, the Dow inched up 18.72 points (0.06%) to close at 33,999.04, the Nasdaq increased 27.22 points (0.21%) to 12,965.34 and the S&P 500 gained 9.70 points (0.23%) to close at 4,283.74. The Russell 2000 was up 13.41 points (0.68%) to 2,000.73 and the Wilshire 5000 extended 109.89 points (0.26%) to 42,814.71.
The price of the 10-year Treasury note increased 1/32 bringing the yield down to 2.884%. The price of the 30-year Treasury bond increased 2/32 bringing the yield down to 3.145%.
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PRODUCTS
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Investment Product and Service Launches
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Vanguard will introduce environmental opportunities fund, while Lincoln Financial and Stadion Money Management partner on StoryLine Dynamic, a qualified default investment alternative program. 
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ON THIS DATE: In 1791, American mathematician and astronomer Benjamin Banneker penned a letter to then-Secretary of State Thomas Jefferson urging justice for African Americans. In 1812, the USS Constitution, commanded by Captain Isaac Hull, won a victory over the British frigate HMS Guerriere in the War of 1812. In 1847, U.S. forces under Major General Winfield Scott began the Battle of Contreras, opening the final campaign of the Mexican-American War. In 1883, French fashion designer Coco Chanel—who, with her elegantly casual creations, ruled over Parisian haute couture for almost six decades—was born. In 1909, the first race was held at the Indianapolis Motor Speedway, now the home of the motor racing competition, the Indianapolis 500. In 1934, Adolf Hitler, already chancellor, was also elected president of Germany in an unprecedented consolidation of power in the short history of the republic. In 1964, The Beatles kicked off their first U.S. tour at San Francisco’s Cow Palace. In 2004, then-search engine company Google Inc. raised $1.66 billion in its initial public offering; shares were sold in a public auction intended to put the average investor on an equal footing with financial industry professionals.
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