MBA Purchase Index Shows Little Life

The purchase index showed a little life in the December 19 week, up 1.0 percent to help lift the year-on-year rate from the negative middle single digits to the low single digits at minus 1.0 percent. The refinance index also rose 1.0 percent in the week. Rates remain at year-and-a-half lows, down an average 4 basis points in the week to 4.02 percent for conforming 30-year fixed mortgages ($417,000 or less).