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Daily Roundup of Key US Economic Data for July 29

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The Mortgage Bankers Association reported a 6.4% decline in mortgage applications in the week ended July 24 after a 1.9% gain in the previous week.

Refinancing activity and new home applications both declined due to an increase in the average 30-year mortgage rate to their highest level since August.

Total crude oil inventories fell by 11.0 million barrels in the week ended July 24, with commercial oil inventories down 7.2 million barrels and stocks in the US Strategic Petroleum Reserve down 3.8 million barrels. Gasoline inventories were flat in the week while distillate inventories increased.

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