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 10/15/08 For wk 10/10 2008 | ||||||||
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Highlights
Rising loan rates made for more bad news from mortgage bankers and more bad news for the housing sector. MBA's purchase index slipped slightly to a very weak 313.5 for the Oct. 10 week. Refinancing applications did rise 12.5 percent to 1,514.2 but the MBA said gains were concentrated at the beginning of the week when loan rates were low. By week's end rates had climbed steeply, ending up nearly 50 basis points on the week for 30-year fixed mortgages at 6.47 percent. The housing market index tomorrow will offer the next data on the housing sector.
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