According to the U.S. Department of Commerce, construction on new homes jumped by 15.7% in July and reached its highest level in 8 months, further evidence of a recovering housing market. The jump in housing starts exceeded economists’ expectations on Wall Street. Meanwhile the pace of inflation at the consumer level cooled following a sharp increase earlier in the year. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/4%.
And now for something completely different: Did you know that there is only one type of rock that can float in water? It’s the volcanic rock, also known as pumice!
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This is Mehran Aram with today's ARAMCO Report.