Existing Home Sales Highest Rate Since February 2007

MBA Mortgage Applications (week ended 12/16/2016)

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

The good news is that refi applications are up for the first time in 11 weeks. The bad news is that refi applications are up for the first time in 11 weeks.

 

Existing Home Sales (November 2016)

– Existing Home Sales seasonally adjusted, annualized 5,610,000. Previous was 5,570,000.
– Existing Home Sales month/month +0.7%
– Existing Home Sales year/year +15.9%.

The month/month gain is mitigated by the fact that the previous month was revised downward by 30,000. Nonetheless, this is the highest rate for Existing Home Sales since February 2007.