Mortgage applications managed to rise 7.6% for the week of July 16th with increases in both the purchase index and the refinancing component. Refis rose 8.6% for the week (as fixed-rate mortgage rates fell by 10 bp) while the purchase index rose by 3.4%.
Yes, this is definitely good news but we can’t help ourselves and point out that the rise in the purchase index comes after four consecutive weekly declines. For the month of July, the purchase index is down nearly 5% unannualized – hardly a sign of a recovering housing market and points to weak housing sales in the months ahead.
---Rosenberg, 7/22
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