Purchase applcations up slightly but…

MBA Mortgage Applications (week ended 7/18/2014)  

– Purchase Index Week/Week +0.3%. Previous weeks were -8.0%, +4.0%, -1.0%, -1.0%. -5.2%, +9.0%, -4.0%, -1.0%, -3.0%, -1.0%, +9.0%, and -4.0%.

– Refinance Index Week/Week +4.0%. Previous weeks were -0.1%, +0.4%, +0.1%, -1.0%, -13.0%, +11.0%, -3.0%, -1.0%, +4.0%, +7.0%, and +2.0%.

– Composite Index Week/Week +2.4%. Previous weeks were -3.6%, +1.9%, -0.2%, -1.0%, -9.2%, +10.3%, -3.1%, -1.2%, +0.9%, +3.6%, and +5.3%.

Year-on-year the Purchase Index is -15.0%.  Higher prices, weak economic growth and the general lack of confidence it creates, and tougher home loan qualifying guidelines are all hurting home sales.