Wednesday, February 10, 2016
Mortgage Purchase Applications Rise, Showing Upward Trend
Week-to-week purchase applications have been swinging wildly so far this
year but the trend is definitely higher. Purchase applications rose 0.2
percent in the February 5 week but the year-on-year rate is sharply
higher, at plus 25 percent. The refinance index has also been moving
higher, up 9.0 percent in the latest week. Low mortgage rates have been
stimulating the activity with the average 30-year conforming mortgage
($417,000 or less) down 6 basis points in the week to 3.91 percent for
the lowest reading since April last year.
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