5/30: MetroIntelligence Economic Update by P. DUFFY

Mortgage applications dip 3.3 percent in last week, but purchase loans up 7.0 percent year-on-year

The Market Composite Index decreased 3.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 1.0 percent (but up 7.0 percent year-on-year) and refinances down 6.0 percent. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged from 4.33 percent.

www.mba.org/2019-press-releases/may/mortgage-applications-decrease-in-latest-mba-weekly-survey-x253177

 

Investor Confidence Index rebounds 6.6 points in May to 79.5

The Global Investor Confidence Index increased to 79.5, up 6.6 points from April’s revised reading of 72.9.  Trade war and Brexit-related uncertainty dominated this month’s headlines.  However, while the low level of the index points to risk-off behavior over the last few months, the solid uptick this month indicates some investors may be moving back in to buy the dip.

www.statestreet.com/content/dam/statestreet/documents/ici/SSGX_ICI_May19.pdf

 

Gallup:  Percent of Americans happy with country rose 5 points in May to 36

Although a broad majority of Americans (63%) remain dissatisfied with the direction of the U.S., the percentage who say they are satisfied has edged up five percentage points since last month to 36%, its highest point since last fall. At the same time, government (23%) and immigration (19%) continue to top the list of issues cited as the most important problems facing the country, as they have done recently.

https://news.gallup.com/poll/245975/americans-satisfaction-us-8-month-high.aspx?utm_source=alert&utm_medium=email&utm_content=morelink&utm_campaign=syndication