Highlights
In a troubling signal for the housing market, MBA's purchase application index dropped more than 12 percent in the Nov. 14 week to 248.5, a lurching move lower similar to yesterday's deep plunge in the housing market index. The drop came despite mostly lower loan rates in the week including a 6.16 percent average for 30-year loans. Refinancing applications did pick up in response to the lower rates, at an index level of 1,281.2 for a 2.6 percent gain in the week. But the drop in mortgage applications for purchases will definitely raise talk of new declines for home sales, data to be released next week.