Fundamentals 9/7: Refis Down? Really?

Germany’s highest court upheld Germany’s decision to contribute to the 2010 Greek bailout. The EU survived another test. U.S. mortgage bonds selling this morning, pushing rates up a bit.

Mortgage Applications (week ending 9/2)
-Purchase Index, Week/Week: +0.2%
-Refinance Index, Week/Week: -6.3%
-Composite Index, Week/Week: -4.9%
-With rates near record lows I would have though that the refi index would increase.

Retail Sales
-ICSC-Goldman same store Sales, week/week: -0.7%
-ICSC-Goldman same store Sales, year/year: +2.7%
-Week/week data up last week with hurricane stockpiling and gave it back this week.
-Redbook Chain Store Sales year/year: +4.9%