MBA Purchase Applications
Mortgage rates fell sharply in the September 20 week while mortgage applications rose sharply. Purchase applications jumped 7.0 percent to their highest level since July. This marks back-to-back weekly gains and points to strength this month for underlying home sales. Refinancing applications, where volumes have been swinging widely this month, rose 5.0 percent. Rates, reflecting the Federal Reserve's decision to delay tapering, dropped across all maturities with the average 30-year fixed rate for conforming loans ($417,500 or less) down 13 basis points in the week to 4.62 percent. Next housing data on the Econoday calendar will be later this morning at 10:00 a.m. ET with new home sales for August, a month when purchase
applications were flat.
Durable Good Orders
August durables order beat expectations but July was revised down notably. New factory orders for durables in August edged up 0.1 percent after dropping a huge 8.1 percent in July. The July estimate originally was down a monthly 7.4 percent. Market expectations for August were for a 0.5 percent decline. The transportation component rose 0.7 percent after a monthly 21.9 percent plunge in July. The transportation rebound came from motor vehicles. Excluding transportation, durables orders slipped 0.1 percent, following a decrease of 0.5 percent in July. Analysts projected a 1.0. percent boost for the latest month.
Within transportation, motor vehicles rose 2.4 percent, nondefense aircraft fell 1.2 percent, and defense aircraft dropped 11.8 percent. Outside of transportation, gains were seen in fabricated metals, machinery, and "other." Components that declined were primary metals, computers & electronics, and electrical equipment.
Nondefense capital goods orders made a partial rebound in August, increasing 1.5 percent after a 3.3 percent decline in July. Shipments for this series made a 1.3 percent comeback, following a decrease of 1.4 percent the month before.
Manufacturing in August was soft outside of autos. Recent regional surveys for September have been mixed and the Markit flash PMI showed deceleration
Source: Bloomberg
Mortgage rates fell sharply in the September 20 week while mortgage applications rose sharply. Purchase applications jumped 7.0 percent to their highest level since July. This marks back-to-back weekly gains and points to strength this month for underlying home sales. Refinancing applications, where volumes have been swinging widely this month, rose 5.0 percent. Rates, reflecting the Federal Reserve's decision to delay tapering, dropped across all maturities with the average 30-year fixed rate for conforming loans ($417,500 or less) down 13 basis points in the week to 4.62 percent. Next housing data on the Econoday calendar will be later this morning at 10:00 a.m. ET with new home sales for August, a month when purchase
applications were flat.
Durable Good Orders
August durables order beat expectations but July was revised down notably. New factory orders for durables in August edged up 0.1 percent after dropping a huge 8.1 percent in July. The July estimate originally was down a monthly 7.4 percent. Market expectations for August were for a 0.5 percent decline. The transportation component rose 0.7 percent after a monthly 21.9 percent plunge in July. The transportation rebound came from motor vehicles. Excluding transportation, durables orders slipped 0.1 percent, following a decrease of 0.5 percent in July. Analysts projected a 1.0. percent boost for the latest month.
Within transportation, motor vehicles rose 2.4 percent, nondefense aircraft fell 1.2 percent, and defense aircraft dropped 11.8 percent. Outside of transportation, gains were seen in fabricated metals, machinery, and "other." Components that declined were primary metals, computers & electronics, and electrical equipment.
Nondefense capital goods orders made a partial rebound in August, increasing 1.5 percent after a 3.3 percent decline in July. Shipments for this series made a 1.3 percent comeback, following a decrease of 1.4 percent the month before.
Manufacturing in August was soft outside of autos. Recent regional surveys for September have been mixed and the Markit flash PMI showed deceleration
Source: Bloomberg
