7/26: MetroIntelligence Economic Update by P. DUFFY

Gallup:  Americans’ confidence in the economy rises to highest point since February

Americans’ confidence in the U.S. economy improved in July, with Gallup’s Economic Confidence Index rising seven points to +29. The latest index is the highest Gallup has measured since February.  The majority of Americans (54%) say U.S. economy is getting better, and 53% describe current economy as “excellent” or “good”.



FHFA House Price Index up 0.1 percent in May and 5.0 percent year-on-year

The FHFA House Price Index (HPI) reported a 0.1 percent increase in U.S. house prices in May, and were up 5.0 percent year-on-year.  The 12-month changes were all positive, ranging from +3.6 percent in the West South Central division to +6.7 percent in the Mountain division.



Mortgage applications dip 1.1 percent from previous week, but purchase loans up 7.0 percent year-on-year

The Market Composite Index decreased 1.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 4.0 percent (but up 7.0 percent year-on-year) and refinance activity rising 2.0 percent (and up 87 percent year-on-year).  The average contract interest rate for 30-year fixed-rate mortgages increased to 4.12 percent from 4.04 percent.