Purchase Mortgage Applications down again.

MBA Mortgage Applications (week ended 7/29/016)

– Purchase Index Week/Week -2.0%. Previous weeks were -3.0%, -2.0%, +0.0%, +4.0%, -3.0%, -2.0%, -5.0%, +12.0%, -5.0%, +5.0%, -6.0%, +0.4%, and +1.0%.
– Refinance Index Week/Week -3.0%. Previous weeks were -15.0%, -1.0%, +11.0%, +21.0%, -2.0%, +7.0%. -1.0%, +7.0%, -4.0%, +0.4%, +1.0%, +0.5%, and -6.0%.
– Composite Index Week/Week -3.5%. Previous weeks were -11.2%, -1.3%, +7.2%, +14.2%, -2.6%, +2.9%, -2.4%, +9.3%, -4.1%, +2.3%, -1.6%, and +0.4%.

The refi index is volatile and highly rate dependent. The Purchase Index is down for 3 consecutive weeks and at the lowest level since February. That is not a good sign for housing.

 
ADP Private Sector Jobs (July 2016)

– Private Jobs 179,000. Previous was 172,000.

This is usually an indicator of where BLS will be on Friday despite the fact that there gave been sizable discrepancies in the past few months.