THE BASIS POINT

Mortgage Applications Down

 

MBA Mortgage Applications (week ended 12/30/2016)

– Purchase Index Week/Week -2.0%. Previous weeks were +3.0%, -3.0%, +0.4%, -0.2%, +19.0%, -6.0%, +1.0%, -0.4%, -7.0%, +3.0%, -3.0%, -0.1%, and +1.0%.
– Refinance Index Week/Week -22.0%. Previous weeks were +3.0%, -4.0%, -1.0%, -16.0%, -3.0%, -11.0%, -3.0%, -2.0%, -2.0%, -1.0%, -8.0%, +5.0%, and -2.0%.
– Composite Index Week/Week -12.0%. Previous weeks were +2.5%, -4.0%, -0.7%, -9.4%, +5.5%, -9.2%, -1.2%, -1.2%, -4.1%, -0.6%, -6.0%, and +2.9%.

Note that “previous” is 2 weeks ago since there was no report last week due to Christmas.

The sharp drop in refinance applications is due to higher rates.  The Purchase data is seasonally adjusted. Non-seasonally adjusted is down 41% from 2 weeks ago. This last week of the year was the only week in which year/year purchase applications were down.

 

Redbook Chain Store Sales (week ended 12/31/2016)

– Store Sales year/year +2.4%. Previous was +2.1%

 

 

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