It's All About Rates

MBA Mortgage Applications

The Mortgage Bankers' Association compiles various mortgage loan indexes. Purchase applications are up 16 compared to this time last year which is a solid indication of strength for underlying home sales, an area of the economy that has outperformed others during the crisis. The average rate for conventional 30-year mortgages fell a sharp 7 basis points to 3.19 percent helping to give a 12 percent lift to the refinance index. (CME Group)

Composite-W/W Change 5.1% vs 2.2%

Purchase Index-W/W Change -6.0% vs. 5.0%

Refi Index W/W Change 12.0% vs 0.4%