MBA Purchase Applications
Released On 3/5/2014 7:00:00 AM For wk2/28, 2014
Prior Actual
Composite Index - W/W Change -8.5 % 9.4 %
Purchase Index - W/W Change -4.0 % 9.0 %
Refinance Index - W/W Change -11.0 % 10.0 %
Highlights
Wild swings appear to be the rule for weekly mortgage application data. The purchase index jumped 9.0 percent in the February 28 week following declines of 4.0 percent and 6.0 percent in the two prior weeks. Though the latest week is higher, the year-on-year rate fell 4.0 percentage points to minus 19 percent. The refinance index jumped 10.0 percent in the week following an 11.0 percent decline in the prior week.
The latest week got a lift from a drop in mortgage rates, down 6 basis points for 30-year conforming mortgages ($417,500) to an average 4.47 percent.
It's hard to make much of this report, but the year-on-year rate for purchase applications does point to continued weakness for home sales.
