THE BASIS POINT

Purchase Applications -17% Year/Year.

 

MBA Mortgage Applications (week ended 3/21/2014)

– Purchase Index Week/Week +3.0%. Previous weeks were -1.0%, -1.0%, +9.0%, -4.0%, -6.0%, -5.0%, -4.0%, +2.0%, -4.0%, +12.0%, -1.0%, and -4.0%.

– Refinance Index Week/Week -8.0%. Previous weeks were -1.0%, -3.0%, +10.0%, -11.0%, -3.0%, -0.2%, +3.0%, -2.0%, +10.0%, +11.0%, and +5.0%.

– Composite Index Week/Week -3.5%. Previous weeks were -1.2%, -2.1%, +9.4%, -8.5%, -4.1%, -0.2%, +0.4%, -0.2%, +4.7%, +11.9%, and +2.6%.

Year-on-year Purchase Applications are down 17%.  This is in line with the lower New Home Sales we saw earlier this week.

Durable Goods Orders (February 2014)

– New Orders Month/Month -2.2%. Previous was -1.3%

– New Orders Year/Year Change  +0.2%. Previous was +4.3%

– Ex-transportation Month/Month -0.2%. Previous was +0.9%

– Ex-transportation Year/Year +1.5%. Previous was +1.1%   This is a picture of manufacturing being flat.

 

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