MBA Mortgage Applications (Week ended 9/6/2013)

– Purchase Index Week/Week -3.0%. Previous weeks were -0.4%, +2.0%, +1.0%, -5.0%, +1.0%, -3.0%, -2.0%, +1.0%, 3.0%, and -3.0%.

– Refinance Index Week/Week -20% . Previous weeks were +2.0%, -5.0%, -8.0%, -4.0%, +0.0%, -4.0%, +1.0%, -4.0%, and -4.0%.

– Composite Index Week/Week -13.5%.  Previous weeks were +2.0%, -2.5%., -4.6%, -4.7%, +0.2%, -3.7%, -1.2%, -2.6%, -4.0%, and -11.7%.

The refi index was hammered by higher rates.  The purchase index is of greater concern as a macroeconomic index as it is correlated with Home Sales and homebuilding.

This trend will lead to jobs losses in the mortgage sector.

Wholesale Trade (July 2013)

– Inventories Month/Month +0.1%. Previous was -0.2%.

This is important because it is a GDP component.  In June sales had increased and inventories decrease creating the presumption that wholesale trade would increase.