The purchase index is suddenly showing a little life, up 2.0 percent in
the October 3 week to the best level since July. Year-on-year, the
index, which had been trending in the low negative double digits, is now
down 8.0 percent. The refinance index also gained, up a strong 5.0
percent in the week. Low rates are a plus for mortgage activity, down 3
basis points in the week for the average conforming 30-year mortgage
($417,000 or less) to 4.30 percent. Home sales data have been volatile
and no better than mixed, but today's report offers perhaps an initial
hint of improvement.
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