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US construction spending increases 0.6 percent in August to highest level in more than 4 years

Spending on U.S. construction projects rose at a solid pace in August, helped by further gains in residential building. Overall construction activity climbed to the highest level in more than four years.

The Commerce Department says construction spending increased 0.6 percent in August compared with July when spending increased a strong 1.4 percent. The July gain was revised to show an increase that was more than double the initial estimate.

Total construction rose to a seasonally adjusted annual rate of $916.1 billion, the fastest pace since April 2009. The strength in construction should help the overall economy, which has been struggling this year with the adverse effects of government tax increases and spending reductions.

The August gain reflected a solid rise in housing activity, which was up 1.2 percent.

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Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.01% dw 4.03%  
15 Y Fixed Graph 3.12% up 2.97%  
30 Y Fixed Jumbo Graph 4.22% up 4.13%  
5/1 ARM Graph 3.11% up 2.99%  
5/1 Jumbo ARM Graph 3.52% up 3.48%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.67% up 4.32%  
$50K HELOC Graph 4.04% up 3.99%  
$30K Loan Graph 5.00% up 4.99%  
$50K Loan Graph 4.36% -- 4.36%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.69% dw 2.83%  
36 M Used Graph 3.18% dw 3.36%  
48 M New Graph 3.02% dw 3.15%  
48 M Used Graph 2.91% dw 3.00%  
60 M New Graph 3.06% dw 3.16%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% up 0.38%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.50% dw 1.51%