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.
- The Purchase index decreased 2.6 percent from the previous week, indicating continued weakness in the housing markets.
- Refinancing activity declined 6.2 percent from the prior week. Mortgage rates on a 30-year fixed mortgage decreased from 4.69 percent to 4.55 percent during the week.
- The index does not account for cash purchases, which made up about a third of all sales in recent months.