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 7/30/08 For wk 7/25 2008 | ||||||||
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Highlights
MBA's purchase and refinance indexes both plunged in the July 25 week, hit by high interest rates and apparently by declining demand in the housing sector. The report offered no commentary to explain the plunge. The purchase index fell 7.8 percent to 309.5 to drive the four-week average down to 342.6. The refinance index fell 23 percent to 1,074.4 to push the four-week average down to 1,330.5. Mortgage rates spiked in the prior week but were mostly softer in the current week, averaging 6.46 percent for 30-year loans in a 13-basis-point dip for the week.
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