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 Below is a chart and brief excerpt from today's Early Look written by Macro analyst Christian Drake.

As Mortgage Purchase Applications are the lone high-frequency release of consequence today and as a kind of teaser piece ahead of our 3Q20 Housing Themes call next Monday. 

Purchase Application volume broke a two week losing streak (which followed an epic 9-week improvement run and cumulative gain of 77%), rising +5.3% W/W while accelerating to +18% Y/Y and marking a new cycle high at 325 on the Index in the latest week. 

Inclusive of the caveat that Purchase Applications Volume overstates the increase in the underlying transaction closure pipeline (just because you applied for a mortgage doesn’t mean you’ll get one) as the rejection rate has invariably risen as underwriting has tightened, purchase appetite clearly remains strong.    

CHART OF THE DAY: Purchase Party - CoD Purchase Apps