Wednesday, March 30, 2016
Mortgage Purchase Applications Strong, Refinancing Continues To Lag
Purchase applications for home mortgages rose by 2 percent in the March
25 week, with the year-on-year increase continuing very strong at 21
percent. Refinance applications declined by 3 percent from the previous
week, continuing recent softness in this component as mortgage rates,
while still very low, have edged higher of late. The average rate for
30-year conforming loans ($417,000 or less) increased by 1 basis point
from the prior week to 3.94 percent. Though not weak, the report does
little to raise hopes of an awakening of the recently quite dormant
housing market. A glimmer of such hope may have appeared after Monday's
report of a surprisingly strong 3.5 percent month-to-month rise in
pending home sales in February.
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