Mortgage Applications down.

MBA Mortgage Applications (week ended 2/6/2014)

– Purchase Index Week/Week -7.0%. Previous weeks were -2.0%, -0.1%, -3.0%, +24.0%, -5.0%, +1.0%, -7.0%, +1.0%, +3.0%, -10.0%, +12.0%, and +1.0%.

– Refinance Index Week/Week -10.0%. Previous weeks were +3.0%, -5.0%, +22.0%. +66.0%, -12.0%, +1.0%, +0.0%, +13.0%, -13%, -4.0%, and -6.0%.

– Composite Index Week/Week -9.0%. Previous weeks were +1.3%, -3.2%, +14.2%, +49.1%, -9.1%, +0.9%, -3.3%, +7.3%, -7.3%, -4.3%, and +4.9%.

Refinance applications are lower because of higher rates.  The Purchase Index is indicative of either a weaker demand for housing or, perhaps, bad weather.  I can imagine Realtors saying, “I assure you Mrs. Smith that there is a lovely 3 bedroom home under all that snow.”