CoreLogic leading mortgage index soft

Monday, 22 August 2016

My industry liaison is telling me that after both the May and recent rate cuts, there was zero response in the mortgage market. That’s not entirely true because without the cuts we’d no doubt see mortgage issuance falling fast but we are not, at least, seeing any updraft. CoreLogic again confirms that today with its leading mortgage index which has failed to register any rate cut uplift:

However, listings remain subdued:

And low volume Sydney clearance rates crazy:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.