by Bill McBride on 9/15/2010 07:14:00 AM
Wednesday, September 15, 2010
The MBA reports: Mortgage Applications Decrease in Latest MBA Weekly Survey
The Refinance Index decreased 10.8 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.4 percent from one week earlier.Click on graph for larger image in new window.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.47 percent from 4.50 percent, with points increasing to 1.08 from 0.96 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
This graph shows the MBA Purchase Index and four week moving average since 1990.
Purchase applications are at about the levels of 1996 or 1997, suggesting existing home sales (closed transactions) in August, September and even October, will only be slightly higher than in July. Note: economist Tom Lawler's "early read" is for August existing home sales of 4.1 million SAAR.
Posted by Bill McBride on 9/15/2010 07:14:00 AM