Mortgage Applications up, but….

MBA Mortgage Applications (week ended 1/4/2013)

Note that this data is nearly impossible to interpret because of the inability to correct it for the holidays.  The problem is that Christmas and New Year’s Day as well as July 4th are holidays which do not occur on the same day of the week each year.  This makes it difficult to calculate a correct seasonal adjustment for the raw data.

– Purchase Index – week/week  +10.0%. Previous was -14.8%

– Refinance Index -week/week +12.0%. Previous was -23.3%

– Composite Index – week/week +11.7%. Previous was -21.6%