Rates about even today after this morning’s data.
MBA Mortgage Applications (week ended 10/5/2012)
Purchase Index – Week/Week 2.0%
Refinance Index – Week/Week -2.0%
Composite Index – Week/Week -1.2%
The refi index was down only by comparison because it was +20.0% the week before. The string of gains in the purchase index moved it to the best level since June. We need purchases moving up so that inventory can be cleared and home building get going again. Home building creates many jobs and adds to GDP.
Wholesale Trade (August 2012)
Inventories – Month/Month +0.5%
These are inventories held by wholesalers. This bit of data tends to reflect the frustrations in matching supply and demand. Wholesale Trade is up because Wholesale Sales were previously up more than expected.