According to the U.S. Commerce Department, orders for U.S. durable goods such as aircraft, automobiles, and heavy machinery that last at least three years were unchanged at 0.0% in July after rising 2.2% in June.
New orders for durable goods were impacted by a decline in transportation orders in July.
New orders for durable goods (capital goods excluding aircraft and weapons), an indicator of planned business spending, rose 0.4% in July after increasing 0.9% in June.
The National Association of Realtors (NAR) announced that its pending home sales index fell 1.0% month-over-month to 89.8, the lowest level since April 2020.
Low home inventories, rising home prices, and higher mortgage rates impact sales contracts
The Pending Home Sales Contract Index is a measure of the number of used home sales contracts that have been signed but not yet closed. It usually takes about 1-2 months for a contract to be signed and the sale to be completed.
Meanwhile, the MBA announced that mortgage applications fell 1.2% after falling 2.3% the previous week as mortgage rates rebounded.
The number of refinancing applications fell by 3% last week and by 83% compared to the same period last year.
The number of applicants for home equity loans fell by 1% last week and by 21% compared to the same period last year.
The average interest rate on 30-year fixed-rate mortgages for loans up to $647,200 rose 5.65% from a 5.45% increase the previous week.