MBA Mortgage Applications (week ended 8/9/2019)
- Purchase Index week/week +2.0%. Previous weeks were -2.0%, -3.0%, -2.0%, -4.0%, +2.0%, +1.0%, -1.0%, -4.0%, +10.0%, -2.0,-1.0%, -2.0%, and -1.0%
- Refinance Index Week/Week +37.0%. Previous weeks were +12.0%, +0.1%, -2.0%, +2.0%, -7.0%, -1.0%, +3.0%, -4.0%, +47.0%, +6.0%, -6.0%, +8.0%, and -1.0%
- Composite Index Week/Week +21.7%. Previous weeks were +5.3%, -1.4%, -1.9%, -1.1%, -2.4%, -1.0%, +1.3%, -3.4%, +26.8%, +1.5%,-3.3%, +2.4%, and -0.6%
Refinance applications were up because Treasury yields were down. Interestingly this may be because people were not aware of last week's disconnect between Treasury yields and mortgage rates. The disconnect between the 10-year and MBS is not something media can explain in the allotted 20 seconds.
Source: Mortgage Bankers Association
Import and Export Prices (July 2019)
- Import Prices month/month 0.2%. Previous was -1.1%
- Export Prices month/month 0.2%. Previous was -0.6%
- Import Prices year/year 1.8%. Previous was -2.0%
- Export Prices year/year -0.9%. Previous was -1.2%
The increase in Import prices was due entirely to oil. Excluding oil, Import Prices were unchanged in July.
Source: Bureau of Labor Statistics. Summary here: https://www.bls.gov/news.release/ximpim.nr0.htm
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