by Bill McBride on 10/31/2012 07:03:00 AM
Wednesday, October 31, 2012
The Refinance Index decreased 6 percent from the previous week to the lowest level since the end of August. The seasonally adjusted Purchase Index increased 1 percent from one week earlier.The refinance index has declined for four straight weeks, but is still at a high level.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.65 percent from 3.63 percent, with points decreasing to 0.39 from 0.45 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
Click on graph for larger image.
This graph shows the MBA mortgage purchase index. The purchase index has been mostly moving sideways over the last two years.
This index is not indicating a pickup in purchase activity.
Posted by Bill McBride on 10/31/2012 07:03:00 AM