Highlights
In odd results, mortgage applications for both purchases and refinancing exploded in the Nov. 30 week with the purchase index up 15.2 percent to 464.3 and the refinancing index up 32 percent to 2,761.3. But there were dramatic revisions to the Nov. 23 week due to an error by a large respondent: the purchase index was revised downward to 403.2 from 450.1 while the refinancing index was revised upward to 2,093.0 from 1,862.9. These revisions are a reminder of this report's trouble in the scramble of August when it warned that readings were being inflated as prospective customers issued applications at multiple mortgage providers.

At least one reason for the jumps in the latest week is falling mortgage rates with the average 30-year fixed loan at 5.82 percent, down 17 basis points in the week, and the average 15-year fixed at 5.38 percent, down 31 basis points. One-year adjustables were up 4 basis points to 6.28 percent.

Today's report is too scrambled to have any impact on the housing outlook though markets will be on the watch next week for confirmation of the latest week's huge jumps. The pending home sales index later this morning is certain to have much more impact on the markets.