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Wednesday, November 02, 2011

MBA: Mortgage Purchase Application Index increased slightly

by Calculated Risk on 11/02/2011 07:24:00 AM

From Reuters: Mortgage applications barely up last week: MBA

The MBA's seasonally adjusted gauge of loan requests for home purchases rose 1.8 percent, while the index of refinancing applications was off 0.2 percent.
Fixed 30-year mortgage rates averaged 4.31 percent, down 2 basis points from 4.33 percent.
The following graph shows the MBA Purchase Index and four week moving average since 1990.

MBA Purchase Index Click on graph for larger image.

The purchase index is at about the same level as in 1996, and the 4-week average is at the lowest level this year. This does not include cash buyers, but this suggests weaker home sales in November and December.