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 discusses mortgage applications.
- Mortgage applications increased 4.1 percent during the week ending December 9.
- The Purchase Index declined 8.2 percent from the prior week, while the Refinance index moved in the opposite direction, rising 9.3 percent, driven by declining interest rates.
- Interest rates on 30-year fixed mortgages declined to 4.12 percent, the lowest rate of 2011.
- Cash purchases—which have been steady at 30 percent of transactions—were not captured in the data.
- Import prices during the month of November increased 0.7 percent, according to a report by the Labor Department.
- On a yearly basis, import prices have risen 9.9 percent, adding to the upward inflationary pressure.