Highlights
MBA's purchase index was little changed at 365.0 in the March 12 week, a level like yesterday's housing permit data that point to continuing declines in the housing sector. The refinancing index fell 4.6 percent to 2335.0. Refinancing applications have been slipping, now making up just less than 50 percent of total applications. Rising mortgage rates have put the clamp on refinancings though rates did fall back in the week, down 39 basis points to 5.98 percent for 30-yaer fixed loans. Fifteen-year mortgages fell nearly 50 basis points to 5.24 percent while 1-year adjustable rates were up nearly 25 basis points to 6.95 percent. Volatile loan rates are evidence of troubles in the housing sector and troubles in the credit market.