10/26: MetroIntelligence Economic Update by P. DUFFY

September Pending Home Sales Index up 0.5 percent from August but still down 1.0 percent year-on-year

The Pending Home Sales Index increased 0.5 percent to 104.6 in September from 104.1 in August. However, year-over-year, contract signings dropped 1.0 percent, making this the ninth straight month of annual decreases.

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September durable goods orders rose 0.8 percent, down from August’s increase of 4.6 percent

New orders for manufactured durable goods in September increased by 0.8 percent to $262.1 billion. This increase, up three of the last four months, followed a 4.6 percent August increase.  However, excluding transportation, new orders increased just 0.1 percent.

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Mortgage applications rise 4.9 percent in weekly report

The Market Composite Index increased 4.9 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 2.0 percent and refinances rising 10.0 percent following a shorter holiday workweek. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since February 2011, 5.11 percent.

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