Refi Mortgage Applications Remain Strong.

MBA Mortgage Applications (week ended 7/15/016)

– Purchase Index Week/Week -2.0%. Previous weeks were +0.0%, +4.0%, -3.0%, -2.0%, -5.0%, +12.0%, -5.0%, +5.0%, -6.0%, +0.4%, +1.0%, -2.0%, and -1.0%,.
– Refinance Index Week/Week -1.0%. Previous weeks were +11.0%, +21.0%, -2.0%, +7.0%. -1.0%, +7.0%, -4.0%, +0.4%, +1.0%, +0.5%, -6.0%, -5.0%, and +3.0%.
– Composite Index Week/Week -1.3%. Previous weeks were +7.2%, +14.2%, -2.6%, +2.9%, -2.4%, +9.3%, -4.1%, +2.3%, -1.6%, +0.4%, -3.4%, and -4.1%.

Refis are still strong. The 2 previous weeks had very large gains as rates fell. The Purchase Index is still indicative of flat purchase market.