Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage purchase applications.
- Mortgage purchase applications increased 2.7 percent for the week ending March 18th. Purchase applications are a leading indicator of home sales.
- However, purchase applications do not always translate into loan acceptances and transactions. Also, purchase applications do not take into consideration cash buyers who according to the latest data available from the REALTORS® Confidence Index account for 33 percent of transactions. In Las Vegas and Miami, cash purchases have approached 50 percent.
- Mortgage purchase applications were down 15.3 percent from the same week a year ago.
- Consumers took advantage of low mortgage rates, which fell to 4.76 percent on a 30-year fixed mortgage.
- Refinances, which accounted for 66.4 percent of mortgage activity, also were up by 2.7 percent from the previous week.
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