MBA Mortgage Applications rose +7.9% (-17.5% YoY), for the week ending September 12th, the largest weekly increase in three months. Purchases were up 4.8% (-9.6% YoY), refinancing surged +10.3% (-22.5% YoY), and the average interest rate for a conforming 30-Year loan increased +9 bps to 4.36% vs. 4.27% prior. The Consumer Price Index decreased -0.2% in August (+1.7% YoY), the first decline in the all items index since April 2013. The index for all items less food and energy was flat for August; this was the first month since October 2010 that the index did not increase. The NAHB housing market index for August came in at a very solid 55, up 2 points from July, and for September expectations are for another increase to 56. Today the FOMC will release their rate decision and updated guidance statement at 11:00 AM (PDT) and expectations are for another $10 Billion reduction to asset purchases and a flat 0.25% rate decision. Treasuriesrallied to session highs following the lower than expected CPI data, and the curve has bull flattened with 2s10s down -2.8 bps.
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