The MBA mortgage applications index rose for the fifth consecutive week, with the index up 11% the week ended September 20th.
The average 30-year fixed rate fell by 2 bps to 6.13%, its lowest level in two years. Purchase applications rose by 1.4% while refinancings rose by 20.3%.
Despite hitting a two-year low, mortgage rates are still elevated relative to the rate on most outstanding mortgages. Roughly 64% of single-family mortgages have a rate less than 4% and according to a report from Bank of America, if mortgage rates fell to 4.5% only 20% or so of the mortgage universe would truly be in the money.
Hafizan Hamzah
Senior Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior |
| 09/25/24 | MBA Mortgage Applications | — | 11.00% | 14.20% |
| 09/25/24 | New Home Sales | 700k | — | 739k |
| 09/25/24 | New Home Sales MoM | -5.30% | — | 10.60% |
| 09/26/24 | BEA annual revisions to GDP/National Economic Accounts | |||
| 09/26/24 | GDP Annualized QoQ | 3.00% | — | 3.00% |
| 09/26/24 | Personal Consumption | 2.90% | — | 2.90% |
| 09/26/24 | GDP Price Index | 2.50% | — | 2.50% |
| 09/26/24 | Core PCE Price Index QoQ | 2.80% | — | 2.80% |
| 09/26/24 | Durable Goods Orders | -2.70% | — | 9.80% |
| 09/26/24 | Durables Ex Transportation | 0.10% | — | -0.20% |
| 09/26/24 | Cap Goods Orders Nondef Ex Air | 0.10% | — | -0.10% |
| 09/26/24 | Cap Goods Ship Nondef Ex Air | 0.10% | — | -0.30% |
| 09/26/24 | Initial Jobless Claims | 224k | — | 219k |
| 09/26/24 | Continuing Claims | 1826k | — | 1829k |
| 09/26/24 | Pending Home Sales MoM | 1.00% | — | -5.50% |
| 09/26/24 | Pending Home Sales NSA YoY | — | — | -4.60% |
| 09/26/24 | Kansas City Fed Manf. Activity | — | — | -3 |
| 09/27/24 | Personal Income | 0.40% | — | 0.30% |
| 09/27/24 | Wholesale Inventories MoM | 0.20% | — | 0.20% |
| 09/27/24 | Personal Spending | 0.30% | — | 0.50% |
| 09/27/24 | Real Personal Spending | 0.10% | — | 0.40% |
| 09/27/24 | PCE Price Index MoM | 0.10% | — | 0.20% |
| 09/27/24 | PCE Price Index YoY | 2.30% | — | 2.50% |
| 09/27/24 | Advance Goods Trade Balance | -$100.5b | — | -$102.7b |
| 09/27/24 | Core PCE Price Index MoM | 0.20% | — | 0.20% |
| 09/27/24 | Core PCE Price Index YoY | 2.70% | — | 2.60% |
| 09/27/24 | Retail Inventories MoM | 0.60% | — | 0.80% |
| 09/27/24 | Bloomberg Sept. United States Economic Survey | |||
| 09/27/24 | U. of Mich. Sentiment | 69.3 | — | 69 |
| 09/27/24 | U. of Mich. Current Conditions | — | — | 62.9 |
| 09/27/24 | U. of Mich. Expectations | — | — | 73 |
| 09/27/24 | U. of Mich. 1 Yr Inflation | — | — | 2.70% |
| 09/27/24 | U. of Mich. 5-10 Yr Inflation | — | — | 3.10% |
| 09/27/24 | Kansas City Fed Services Activity | — | — | 5 |
