The US July inflation report remains hot, hot, hot! While mortgage purchase and refinancing applications are not, not, not.
The US consumer price index rose 8.5% in July. And real average weekly growth remains burned by horrid inflation, at -3.6% YoY.
Source of inflation?
Headline inflation above estimates in 14 of last 16 months.
Data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 5, 2022 revealed that … the Refinance Index increased 4 percent from the previous week and was 82 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 19 percent lower than the same week one year ago.
Mortgage applications are NOT hot, hot, hot.
One thought on “US July Inflation Remains Hot (CPI At 8.5% YoY) While Real Weekly Wage Growth Remains Burned (-3.6% YoY) Mortgage Refi Apps Down -82% YoY While Mortgage Purchase Apps Down -19% YoY)”
Comments are closed.