MetroIntelligence Economic Update by P. DUFFY
Purchase loan apps up 1 percent from previous week, down 16 percent year-on-year
The Market Composite Index decreased 2.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 1 percent (but down 16 percent year-on-year) and refinance activity falling 4 percent (but up 2 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 3.03 percent.
June Case-Shiller Index up a record 16.8 percent year-on-year
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 18.6% annual gain in June, up from 16.8% in the previous month, and the highest annual gain in the history of the series. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.8%.
August consumer confidence drops to lowest level since February
Consumer confidence retreated in August to its lowest level since February 2021 (95.2). While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead.