| MBA Purchase Applications |
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Released On 2/16/2011 7:00:00 AM For wk2/11, 2011
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Prior | Actual |
| Purchase Index - W/W Change | -1.4 % | -5.9 % | | Refinance Index - W/W Change | -7.7 % | -11.4 % | | Composite Index - W/W Change | -5.5 % | -9.5 % |
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Highlights
Rising rates, up nearly one full percentage point from October, are drying up refinancing demand and are cutting into already weak demand for home purchases. The refinancing index fell 11.4 percent in the February 11 week to the lowest level in more than 2-1/2 years. The purchase index fell 5.9 percent. The average rate for 30-year mortgages was little changed at 5.12 percent. Housing starts for January will be posted today at 8:30 a.m. ET.
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Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.
Why Investors Care
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