Econoday Economic Report: MBA Purchase Applications June 22, 2011

2011 Economic Calendar

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MBA Purchase Applications

Released On 6/22/2011 7:00:00 AM For wk6/17, 2011

	Prior	Actual
Purchase Index - W/W Change	4.5 %	-2.8 %
Refinance Index - W/W Change	16.5 %	-7.2 %
Composite Index - W/W Change	13.0 %	-5.9 %

Highlights
The number of mortgage applications fell in the June 17 week cutting into but not reversing very strong gains in the prior week. The index tracking purchase applications fell 2.8 percent with refinancing applications down 7.2 percent, which in combination pulled the composite index down 5.9 percent. Behind the pull back, at least in part, are the week's slightly higher rates, at 4.57 percent for 30-year loans for a six basis point rise in the week.

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