Drop in Purchase Mortgage Applications.

MBA Mortgage Applications (week ended 5/13/2016)

– Purchase Index Week/Week -6.0%. Previous weeks were +0.4%, +1.0%, -2.0%, -1.0%, +8.0%, -2.0%, +2.0%, -1.0%, +0.3%, +4.0%, -1.0%, +2.0%, and -4.0%.

– Refinance Index Week/Week +1.0%. Previous weeks were +0.5%, -6.0%, -5.0%, +3.0%. +11.0%, +7.0%, -3.0%, -5.0%, -6.0%, -2.0%, -7.0%, -8.0%, and +16.0%.

– Composite Index Week/Week -1.6%. Previous weeks were +0.4%, -3.4%, -4.1%, +1.3%, +10.0%, +2.7%, -1.0%, -3.3%, -3.3%, +0.2%, -4.8%, and -4.3%.

This is an odd time for Purchase applications to fall and an ill omen for the housing market.

 

 

Atlanta Federal Reserve Business Inflation Expectations (May 2016)

– year/year Inflation Expectation +1.9%. Previous was +1.7%.