Supported by the recent decline in interest rates, US mortgage applications rose 9.2% last week vs. the year-ago level, according to data from the Mortgage Bankers Association (MBA). The latest update continues to show a stronger trend this year vs. 2024. “The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher,” said Joel Kan, MBA’s vice president and deputy chief economist.

US wholesale inflation unexpectedly fell in August. The news provides a new data point for the Federal Reserve to lower its target interest rate at next week’s policy meeting.

Trump appeals ruling by Federal judge to let Fed governor Lisa Cook remain on Fed board. Trump fired Cook on Aug. 25, claiming he had cause because of allegations by Federal Housing Finance Agency director Bill Pulte that she had committed mortgage fraud. Cook stated her innocence and vowed to fight the charge.

Trump’s nominee for temporary seat at Federal Reserve’s Board of Governors could be confirmed in the Senate as early as Monday. Senate leaders are confident that Republicans have the votes for confirmation, Politico reports.

The current bull market is approaching its three-year anniversary, notes TMC Research, a unit of The Milwaukee Company, a wealth manager. The current rally is also one of the shortest on record to date. “One way to read the ongoing rise in stocks vis-à-vis history is to recognize that most bull markets last substantially longer than the current 23-month affair. On that basis, one is tempted to reason that the full scope of the current cycle still lies ahead.”

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