The Fed's favorite inflation gauge rose 3.6% to a 30-year high in August. Inflation will typically pressure interest and mortgage rates higher.

Stock market holdings made up about half of the $109.2 trillion of household-owned financial assets through the second quarter of 2021, reaching a 70-year high.

Initial jobless claims fell last week to 326k, the lowest in a month, pointing to ongoing improvement in the labor market. Continuing claims fell to 2.7 million.

The housing market has been fiercely competitive over the last few months, but housing analysts predict buyers who keep getting shut out may soon find better luck.

Bathroom renovations have become popular in the last year, particularly upgrades with spa-like features such as rainfall shower heads, dual showers, and whirlpool baths.

Purchase mortgage applications declined 2% for the week and were 13% lower than the same week one year ago. Refinance demand fell to the lowest level in three months.