MetroIntelligence Economic Update by P. DUFFY
Case-Shiller Index up another 2.1 percent in June and 20.6 percent year-on-year
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 20.6% annual gain in March, up from 20.0% in the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 2.1%.
June consumer confidence index falls again to lowest level since February 2021
Consumer confidence fell for a second consecutive month in June. The Index fell to 98.7 (1985=100)—down 4.5 points from 103.2 in May—and now stands at its lowest level since February 2021 (Index, 95.2). While the Present Situation Index was relatively unchanged, the Expectations Index continued its recent downward trajectory—falling to its lowest point in nearly a decade.
Purchase loan applications nearly flat from previous week, but down 24 percent year-on-year
The Market Composite Index for mortgage applications increased 0.7 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 0.1 percent (but down 24 percent year-on-year) and refinance activity rising 2 percent (but down 80 percent year-on-year). The adjustable-rate mortgage (ARM) share of activity decreased to 10.1 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.84 percent from 5.98 percent.