Daily Economic Update: Mortgage Purchase Applications

Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage purchase applications and durable goods orders.

  • dfu052511Mortgage applications rose 1.1 percent for the week ending May 20.
  • The Purchase index advanced 1.5 from the previous week, and was 3.1 percent higher compared with a year ago. Refinancing activity rose 0.9 percent from the prior week.  Mortgage rates on a 30-year fixed mortgage increased from 4.60 percent to 4.69 percent during the week.
  • New orders for manufactured durable goods declined 3.6 percent in April, to $189.9 billion. The figure represents a second decline in the last three months.
  • Transportation equipment orders, which led the earlier growth, declined the most—9.5 percent.
  • Businesses continue to ramp up their inventory levels—inventories of durable goods rose 0.9 percent, the sixteenth consecutive monthly gain.
  • Manufacturers’ shipments of durable goods decreased $2.0 billion or 1.0 percent.
  • As the figures indicate, April showed a slight moderation in manufacturing activity.

George Ratiu, Director, Quantitative and Commercial Research

George Ratiu, Research Economist, writes regular economic columns and conducts research in the areas of commercial real estate, international investments, mortgage performance and foreclosures. He produces NAR’s Commercial Real Estate Outlook and manages quantitative surveys, including the Commercial Real Estate Quarterly Market Survey.

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