MetroIntelligence Economic Update by P. DUFFY
Purchase loan apps rise 8 percent from previous week, but down 12 percent year-on-year
The Market Composite Index for mortgage applications increased 0.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 8 percent (but down 12 percent year-on-year) and refinance activity falling 3 percent (and also down 3 percent year-on-year). The average contract interest rate for 30-year remained unchanged at 3.03 percent.
Consumer Price Index up 0.3 percent in August and 5.3 percent year-on-year
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in August on a seasonally adjusted basis after rising 0.5 percent in July, and was up 5.3 percent year-on-year. The index for all items less food and energy rose 0.1 percent in August, its smallest increase since February 2021, and was up 4.0 percent year-on-year.
Small Business Optimism Index edges up 0.4 points in August as uncertainty plummets
The NFIB Small Business Optimism Index increased in August to 100.1, up 0.4 points from July. Five of the 10 Index components improved, four declined, and one was unchanged. The NFIB Uncertainty Index decreased seven points to 69, the lowest level since January 2016.