The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction. Why Investors Care
| Released on 8/1/07 For wk 7/27 2007 | ||||||||
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Highlights
Mortgage bankers' application data are turning lower, the latest indication that declines in the housing market may be accelerating. MBA's purchase index fell 1.8 percent in the July 27 week to 416.6. The index had been as high as 460 in mid June. The four-week is now at 435.3. Tightened lending standards are likely a factor behind the declines as are interest rates, though the average 30-year fixed mortgage did slip 9 basis points in the latest week to 6.50 percent. Refinancing demand is steady, making up 39.4 percent of all applications with an index of 1,724.1, up 1.8 percent in the week.
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