Weekly Info 07/22/2011

Mortgage interest rates increased slightly on the week on continued uncertainty surrounding European sovereign debt and US negotiations regarding the debt ceiling. Economic data of note included June Housing Starts and Building Permits, both of which were better than expected. June Existing Home Sales, though, fell 0.8% on expectations that they would increase by 2.5%. Weekly jobless claims increased by 10k, up more than expected. The July Philadelphia Fed Business index increased to a level of 3.2, indicating slight expansion after a couple of months of contraction within the sector. Bank of America reported its largest quarterly loss in its history, a loss of $8.83 billion in the second quarter. Also, China’s factory sector contracted for the first time in a year.