Some More Good News

Mortgage Applications Composite Index - W/W Change 9.3% versus a -3.9%

Purchase Index - W/W Unchanged at 5.0%

Refinance Change 11.0% from the -9.0% last week

Highlights From the CME Group Home sales are proving surprisingly resilient during the pandemic, reflected in the purchase index from the nation's mortgage bankers which rose 5 percent for a second straight week. Year-on-year, this index is up a robust 13 percent. Low mortgage rates are a key factor behind the strength, averaging 3.38 percent in the week for conventional 30-year mortgages versus 3.37 percent in the prior week and, like purchases, underpining refinancing applications which rose a weekly 11 percent.

Highlights From the USDA (Washington, D.C., June 9, 2020) – U.S. Secretary of Agriculture Sonny Perdue today applauded the safe reopening of critical infrastructure meatpacking facilities across the United States. As of this morning, across the cattle, swine, and broiler sectors, processing facilities are operating more than 95% of their average capacity compared to this time last year. In fact, beef facilities are operating at 98%, pork facilities are operating at 95%, and poultry facilities are operating at 98% of their capacity compared to the same time last year. America’s meatpacking facilities are safely resuming operations.