Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage purchase applications and durable goods orders.
- Purchase applications accounted for most of the decline, contracting 13.6 percent from the prior week. They were 28.8 percent lower compared with a year ago. Meanwhile, the Refinance Index declined 0.6 percent. Mortgage rates on a 30-year fixed mortgage declined from 4.83 percent to 4.80 percent during the week.
- The weekly data seems to corroborate the REALTORS® Confidence Index, which indicates that slightly more than a third of purchases are done with cash.
- Orders for manufactured durable goods rose 2.5 percent in March, to $208.4 billion. Up for the third consecutive month, the figure provides a positive sign for economic activity.
- Growth in new orders was led by a 5.9 percent surge in transportation equipment orders.
- Businesses continue to ramp up their inventory levels—inventories of durable goods advanced 1.3 percent, the fifteenth consecutive monthly gain.
- Manufacturers’ shipments of durable goods increased $3.7 billion or 1.8 percent.
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