Purchase Mortgage Applications off.

MBA Mortgage Applications (week ended 4/1/2016)

– Purchase Index Week/Week -2.0%. Previous weeks were +2.0%, -1.0%, +0.3%, +4.0%, -1.0%, +2.0%, -4.0%, +0.2%, -7.0%, +5.0%, -2.0%, +18.0%, and -15.0%.

– Refinance Index Week/Week +7.0%. Previous weeks were -3.0%, -5.0%, -6.0%, -2.0%, -7.0%, -8.0%, +16.0%, +16.0%, +0.3%, +11.0%, +19.0%, +24.0%, and -37.0%.

– Composite Index Week/Week +2.7%. Previous weeks were -1.0%, -3.3%, -3.3%, +0.2%, -4.8%, -4.3%, +8.2%, +9.3%, -2.6%, +8.8%, +9.0%, and +21.3%.

One generally looks at Purchase Mortgage applications as an indicator of economic health but lately Purchase Applications have looked more like a tennis match – up one week, down the next and have had little correlation with other housing related fundamentals.