Highlights
MBA's purchase index edged higher to a still very weak 368.8, a level very near the four-week average of 370.7 that points unfortunately to weak demand for homes. The refinancing index slipped about 5 percent to 2,448.2. Both purchase applications and refinancing applications were held back by a dramatic spike in mortgage rates in the week that saw 30-year loans jump 39 basis points to 6.37 percent and 1-year adjustables jump 89 basis points to 6.72 percent. These rates are part of the credit squeeze that the Federal Reserve is fighting.