THE BASIS POINT

Housing Data.

 

MBA Mortgage Applications (week ended 8/19/016)

– Purchase Index Week/Week -0.3%. Previous weeks were -4.0%, +3.0%, -2.0%, -3.0%, -2.0%, +0.0%, +4.0%, -3.0%, -2.0%, -5.0%, +12.0%, -5.0%, and +5.0%.
– Refinance Index Week/Week -3.0%. 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 -4.0%.
– Composite Index Week/Week -2.1%. 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 -4.0%.

Yesterday we saw New Home Sales for July come in very strong but we have seen Purchase Mortgage Application slowing for almost 3 months. This does not indicate strength for New Home Sales
in subsequent months. Some of this is seasonal.

 
FHFA House Price Index (June 2016)

– Prices month/month +0.2%. Previous was +0.2%
– Prices year/year +5.6%. Previous was +5.7%

These are the prices for homes purchased with FHLMC or FNMA financing.

 
Existing Home Sales (July 2016)

– Existing Home Sales seasonally adjusted, annualized 5,390,000. Previous was 5,570,000
– Existing Home Sales month/month -3.2%
– Existing Home Sales year/year -1.6%

 

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