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 11/13/08 For wk 11/7 2008 | ||||||||
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Highlights
MBA's purchase index bounced 9.0 percent higher in the Nov. 7 week to 284.4, a level however that still indicates very weak demand for mortgages. Refinancing applications did rise, up 16.1 percent to 1,248.8 and reflecting a big dip in loan rates to an average 6.24 percent for 30-year fixed mortgages. Lower mortgage rates will hopefully help improve demand for housing, a sector at the center of the 2008 crisis and where tentative signs of improvement, just tentative, are emerging.
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