Mortgage applications rose 5.3 percent as rates dip to 2.75-year low
The Market Composite Index increased 5.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 2.0 percent (but up 7.0 percent year-on-year) and refinance activity rising 12 percent (up 116 percent year-on-year). The average contract interest rate for conforming 30-year fixed-rate mortgages fell to 4.01 percent, its lowest level since November 2016.
Compensation costs rose 0.6 percent in 2Q 2019 and 2.7 percent year-on-year
During the second quarter of 2019, compensation costs for civilian workers increased 0.6 percent, with wages and salaries rising 0.7 percent and benefit costs increasing 0.5 percent. Year-on-year, compensation costs for civilian workers increased 2.7 percent, with wages and salaries up 2.9 percent and benefit costs rising 2.3 percent.
July Investor Confidence Index slipped 2.4 points to 84.9
The Global Investor Confidence Index decreased to 84.9, down 2.4 points from June’s revised reading of 87.3. Last month’s improvement in investor confidence turned out to be short-lived. In July, investors have exhibited renewed risk aversion, and while US equities reached record highs, global equities did not participate in the excitement. And now, in spite of trade talks between the US and China, continued uncertainty over supply chain disruption and Brexit appears to persist.