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.

  • Interest rates on 30-year fixed mortgages declined from 4.45 percent to 4.37 percent.
  • Buoyed by dropping interest rates, refinancing activity provided the main thrust for the week’s activity, rising 30.4 percent.
  • The index does not account for cash purchases—in June, they made up 30.0 percent of transactions.
  • In a separate report, wholesale trade registered an uptick during June, with sales rising 0.6 percent from May and 15.4 percent year-over-year, to reach $395.8 billion.
  • In addition, wholesale inventories in June were up only 0.6 percent from May, which spells a positive change for the month.

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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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