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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 the ADP Employment Report.
- Mortgage applications declined 9.6 percent during the week ending August 25, with purchases remaining virtually unchanged at a slight uptick of 0.9 percent. Refinancing declines of 12.2 percent dragged the overall index downward.
- Interest rates on 30-year fixed mortgages declined from 4.39 to 4.32 percent.
- Cash purchases—not covered by the mortgage data—accounted for about 30.0 percent of transactions this year.
- Based on the August ADP National Employment report, nonfarm private business employment increased by 91,000 jobs between July and August. Employment increased among small (<50 workers) and medium-sized (50-to-499 workers) businesses by 58,000 and 30,000 jobs, respectively. Employment in large businesses advanced by a slight 3,000 jobs.
- This ADP report is a precursor to the official jobs data from the Bureau of Labor Statistics that is out on Friday. Given the job cuts in state and local governments of late, the total job gains could be less than in the ADP report.
- The bottom line is that employment remained soft in August.
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