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.