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June 17th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
Interest on a 30-year fixed-rate mortgage averaged 5.78% for the week ending June 16, up from last week when it averaged 5.23%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.93%. Interest on a 15-year fixed-rate mortgage averaged 4.81%, up from last week when it averaged 4.38 percent. A year ago at this time, the 15-year FRM averaged 2.24 percent.
In the week ending June 11, the advance figure for seasonally adjusted initial claims for unemployment insurance was 229,000, a decrease of 3,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 3,000 from 229,000 to 232,000. The four-week moving average was 218,500, an increase of 2,750 from the previous week’s revised average. The previous week’s average was revised up by 750 from 215,000 to 215,750.
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000, the Census Bureau reported. This is 14.4% below the revised April estimate of 1,810,000 and is 3.5% below the May 2021 rate of 1,605,000. Single‐family housing starts in May were at a rate of 1,051,000; this is 9.2% below the revised April figure of 1,157,000. The May rate for units in buildings with five units or more was 469,000
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| MARKET MIRROR |
Thursday, the Dow lost 741.46 points (2.42%) to 29,927.07, the Nasdaq was down 453.06 points (4.08%) to 10,646.10, and the S&P 500 decreased 123.22 points (3.25%) to close at 3,666.77. The Russell 2000 fell 81.30 points (4.70%) to 1,649.84, and the Wilshire 5000 was down 1,334.35 points (3.54%) to 36,357.88.
The price of the 10-year Treasury note increased 5/32 lowering its yield down to 3.233%. The price of the 30-year Treasury bond remained 32/32 and its yield decreased to 3.277%.
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Industry Analysis
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Hitting the Books
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Student loan benefit programs are rare, but they may be on the rise. 
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ON THIS DATE: In 1775, British General Thomas Gage landed his troops on the Charlestown Peninsula overlooking Boston and led them against Breed’s Hill, a fortified American position just below Bunker Hill. In 1856, the Republican Party opened its first national convention in Philadelphia, Pennsylvania. In 1885, the dismantled Statue of Liberty, a gift of friendship from the people of France to the people of America, arrived in New York Harbor after being shipped across the Atlantic Ocean in 350 individual pieces packed in more than 200 cases. In 1941, WNBT-TV in New York City was granted the first construction permit to operate a commercial TV station in the U.S. In 1950, Dr. Richard H. Lawler performed the first kidney transplant in a 45-minute operation in Chicago. In 1972, five men were arrested for breaking into the Democratic National Committee headquarters at the Watergate, an office-hotel-apartment complex in Washington, D.C. In 1994, viewers across the nation were glued to their television screens on June 17, watching as a fleet of police cars pursued a white Ford Bronco along Interstate 405 in Los Angeles. Inside the Bronco was Orenthal James “O.J.” Simpson, a former professional football player, actor and sports commentator whom police suspected of involvement in the recent murders of his former wife, Nicole Brown Simpson, and her friend Ronald Goldman.
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