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 10/3/07 For wk 9/28 2007 | ||||||||
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Highlights
The purchase index from the Mortgage Bankers Association dipped 1.8 percent in the Sept. 28 week to 411.4, well below the four-week average which is at 432.6. The results, along with yesterday's pending home sales index, will lower expectations for September home sales data.
The refinancing index fell 3.8 percent to 1,950.4 with refinancing applications making up 46.0 percent of all applications vs. 46.4 percent the prior week. Rates for fixed mortgages were down slightly in the week with the 30-year averaging 6.32 percent. The average adjustable one-year mortgage rate jumped 13 basis points to 6.21 percent.
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