EconUpdate by P. Duffy
CPI rises 0.5 percent in July and 5.4 percent year-on-year
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in July after rising 0.9 percent in June, and was up 5.4 percent year-on-year. The index for all items less food and energy rose 0.3 percent in July after
increasing 0.9 percent in June, and was up 4.3 percent year-on-year.
Purchase loan apps rebound 2 percent from previous week, but still down 18 percent year-on-year
The Market Composite Index for mortgage applications increased 2.8 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 2 percent (but down 18 percent year-on-year) and refinance activity rising 3 percent from the previous week (but 8 percent lower than the same week one year ago). The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 2.99 percent from 2.97 percent.
Index of new home lot supply drops 34.8 percent year-on-year to cycle low
The New Home Lot Supply Index (LSI) hit a new low in 2Q21. The LSI dropped 14.0 percent from the previous quarter and 34.8 percent year-over-year as builders scooped up finished vacant lots to bring more homes to the market.