Mortgage Applications down.

MBA Mortgage Applications (week ended 6/12/2015)

– Purchase Index Week/Week -4.0%. Previous weeks were +10.0%, -3.0%, +1.0%, -4.0%, -0.2%, +1.0%, +0.0%, +5.0%, -3.0%, +7.0%, +6.0%, +5.0%, and -2.0%.

– Refinance Index Week/Week -7.0%. Previous weeks were +7.0%, -12.0%, -4.0%, +0.3%, -6.0%, -8.0%, -4.0%, +1.0%, -2.0%, -3.0%, +4.0%., and +12.0%.

– Composite Index Week/Week -5.5%. Previous weeks were +8.4%, -7.6%, -1.6%, -1.5%, -3.5%, -4.6%, -2.3%, +2.3%, -2.3%., +0.4%, +4.6%, +9.5%, and -3.9%.

It is difficult to draw conclusions from this data.  The previous week was up because it followed the week containing Memorial Day.  Averaged over 5 weeks the Purchase Index is flat.

As recently as February 2015 37.9% of Home Sales were all cash transactions.  This percentage has been steadily falling since it peaked in January 2011 when cash transaction 46.5% of all sales.  The trend to all cash was driven mainly by foreclosures.
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