THE BASIS POINT

Purchase Market Remains Soft.

 

MBA Mortgage Applications (week ended 8/15/2014)  

– Purchase Index Week/Week -0.4%. Previous weeks were -1.0%, -1.0%. +0.2%, +0.3%, -8.0%, +4.0%, -1.0%, -1.0%. -5.2%, +9.0%, -4.0%, and -1.0%.

– Refinance Index Week/Week +3.0%. Previous weeks were -4.0%, +4.0%, -4.0%, +4.0%, -0.1%, +0.4%, +0.1%, -1.0%, -13.0%, +11.0%, and -3.0%.

– Composite Index Week/Week +1.4%. Previous weeks were -2.7%, +1.6%, -2.2%, +2.4%, -3.6%, +1.9%, -0.2%, -1.0%, -9.2%, +10.3%, and -3.1%.

Purchases remain weak. Tougher CFPB-mandated mortgage guidelines, higher prices, and an economy adding mainly low paying jobs is not the formula for increased home sales.

 

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