THE BASIS POINT

Mortgage Applications down after 3 Weeks of Gains.

 

MBA Mortgage Applications (week ended 4/10/2014)

– Purchase Index Week/Week -3.0%. Previous weeks were +7.0%, +6.0%, +5.0%, -2.0%, +2.0%, -0.2%, +5.0%, -7.0%, -7.0%, -2.0%, -0.1%, -3.0%, and +24.0%.

– Refinance Index Week/Week -2.0%.Previous weeks were -3.0%, +4.0%., +12.0%, -5.0%, -3.0%, -0.2%, +1.0%, -16.0%, -10.0%, +3.0%, -5.0%, and +22.0%.

– Composite Index Week/Week -2.3%. Previous weeks were +0.4%, +4.6%, +9.5%, -3.9%, -1.3%, -1.3%, +0.1%, -8.0%. -13.2%, -9.0%, +1.3%, -3.2%, and +14.2%.

Year-on-year the Purchase Index is up 7% which is an improvement in a market which is still weak.

 
Industrial Production (March 2015)

– Production month/month -0.6%. Previous was +0.1%
– Capacity Utilization Rate 78.4%. Previous was 78.9 %
– Manufacturing month/month  +0.1%. Previous was -0.2%

This includes manufacturing of products, mining, and utility services.  Product manufacturing was up +0.1% while mining was down -.7% and utility generation was down 5.9%.  This is more about the weather than it is about the health of the economy.

 
Housing Market Index (April 2015)

– Housing Market Index  56. previous was 52.

This is from an NAHB survey of home builders.  It should provide an indication as to how willing they are to start building new homes.
 

 

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