MBA Composite Index Rises 7.3%

In a nearly identical reversal of the prior week's readings, the Mortgage Bankers' composite index rose 7.3 percent in the December 5 week, vs a 7.3 percent decline in the November 28 week, while the refinance component rose 13.0 percent following the prior week's 13.0 percent decline. The difference, and there's not much, is the purchase component which rose 1.0 percent in the latest week, down slightly from the prior week's 3.0 percent gain. But there is one more perfect match in the latest data and that's a 4.0 percent year-on-year decline for the purchase index which hasn't shown much life at all this year. Rates moved mostly higher in the week with the average 30-year mortgage for conforming loans ($417,000 or less) up 3 basis points to 4.11 percent.