Purchase Applications down again.

MBA Mortgage Applications (week ended 8/12/016)

– Purchase Index Week/Week -4.0%. Previous weeks were +3.0%, -2.0%, -3.0%, -2.0%, +0.0%, +4.0%, -3.0%, -2.0%, -5.0%, +12.0%, -5.0%, +5.0%, and -6.0%.
– Refinance Index Week/Week -4.0%. Previous weeks were +10.0%, -3.0%, -15.0%, -1.0%, +11.0%, +21.0%, -2.0%, +7.0%. -1.0%, +7.0%, -4.0%, +0.4%, and +1.0%.
– Composite Index Week/Week -4.0%. Previous weeks were +7.1%, -3.5%, -11.2%, -1.3%, +7.2%, +14.2%, -2.6%, +2.9%, -2.4%, +9.3%, -4.1%, and +2.3%.

The downward trend of Purchase Application during the peak summer buying season is another indication that the housing market has never recovered from the peak of early 2006. 2015 had
seen an upward trend in year-on-year applications but that trend is disappearing.

 
Atlanta Fed Business Inflation Expectations (August 2016)

– Business Inflation Expectations year/year +1.8%. Previous was +1.7%.

Speaking of the Atlanta Fed, yesterday they increased their expectation for 3rdQ2016 GDP to +3.6%.