by Bill McBride on 11/17/2010 07:30:00 AM
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Wednesday, November 17, 2010
The Refinance Index decreased 16.5 percent from the previous week and is at the lowest level observed since July of this year. The seasonally adjusted Purchase Index decreased 5.0 percent from one week earlier, the first decrease after three consecutive weekly increases.Click on graph for larger image in new window.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.46 percent from 4.28 percent, with points increasing to 1.13 from 1.04 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the highest 30-year fixed-rate observed in the survey since the week ending September 10, 2010.
This graph shows the MBA Purchase Index and four week moving average since 1990.
The four-week moving average of the purchase index is about 30% below the levels of April 2010. This suggests existing home sales will remain weak through at least the end of the year.
Posted by Bill McBride on 11/17/2010 07:30:00 AM