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CONWAY GITTINS: I’m Conway Gittins, a reporter from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Tech earnings are a factor on Wall Street. Earnings at Alphabet, Google’s parent company, were better than expected, but sales were mixed. Total revenue of $84.7 billion was slightly above expectations, led by a 29 percent increase in cloud revenue. YouTube ad sales, however, fell short of analysts’ expectations. In addition, Alphabet’s overall spending was a bit high for investors’ tastes.
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In other news: Mortgage rates are falling, but not enough to entice buyers to sign a contract. The average interest rate on a conventional 30-year mortgage fell to 6.82% during the week ended July 19 — from 6.87% the week before. That’s the cheapest mortgage since February, according to the Mortgage Bankers Association.
But the drop in interest rates isn’t leading to a rush to get new mortgages. Potential home buyers believe rates will fall further, and they’re waiting for a better deal. Applications for new mortgages fell 4% last week, and are down 15% from a year ago.
“Affordability challenges remain with prices remaining at current levels and home prices rising strongly in many markets,” said Joel Kahn, vice president and deputy chief economist at the Home Mortgage Association.
New housing data in June supports this view. New home sales fell to their lowest level since 2023, with the median sales price at $417,300. Existing home sales, meanwhile, fell to their lowest level this year, with the median sales price rising to a record high of $426,900.
That’s all for your daily briefing. From the New York Stock Exchange, I’m Conway Gittins on The Street.
Related: What is the average amount of mortgage debt Americans have?
