Econoday Economic Report: MBA Purchase Applications March 30, 2011

2011 Economic Calendar

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MBA Purchase Applications

Released On 3/30/2011 7:00:00 AM For wk3/25, 2011

	Prior	Actual
Purchase Index - W/W Change	2.7 %	-1.7 %
Refinance Index - W/W Change	2.7 %	-10.1 %
Composite Index - W/W Change	2.7 %	-7.5 %

Highlights
The Mortgage Bankers Association reports a 1.7 percent decline in purchase application volume in the March 25 week, ending what was otherwise a solid month compared to February. The month-to-month rise in purchase applications together with strength in Monday's pending home sales report and an easy comparison with very weak existing home sales for February point to strength for the March existing home sales report. The rise in rates during the week, up 12 basis points for the average 30-year mortgage to 4.92 percent, pulled down refinance applications by 10.1 percent.

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