MBAA Mortgage Applications (week ending 8/19)
– Purchase Index – Week/Week: -5.7%
– Refinance Index – Week/Week -1.7%
– Composite Index – Week/Week -2.4%
-Purchase apps lowest since 1996
-Weak purchases in what should be heart of home buying season
-Lack of buyer confidence, concern about values, tough qualifying standards
FHFA Home Price Index (June)
-This is only homes with Fannie/Freddie loans
–Yesterday’s fundamentals indicated geographic shift in home sales with the Northeast and West declining and the South gaining. But y’all knew that already.
Durable Goods Orders (July)
-New Orders – Month/Month: 4.0%
-New Orders – Year/Year: 9.2%
-Ex-transportation – Month/Month: 0.7%
-Ex-transportation – Year/Year: 9.6%
-This is a positive report.
-Month/Month change in overall vs. ex-trans indicated strength in the automotive sector.