Daily Economic Update: Mortgage Purchase Applications

Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage purchase applications.

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  • The Purchase index decreased 2.6 percent from the previous week, indicating continued weakness in the housing markets.
  • Refinancing activity declined 6.2 percent from the prior week.  Mortgage rates on a 30-year fixed mortgage decreased from 4.69 percent to 4.55 percent during the week.
  • The index does not account for cash purchases, which made up about a third of all sales in recent months.

George Ratiu, Director, Quantitative and Commercial Research

George Ratiu, Research Economist, writes regular economic columns and conducts research in the areas of commercial real estate, international investments, mortgage performance and foreclosures. He produces NAR’s Commercial Real Estate Outlook and manages quantitative surveys, including the Commercial Real Estate Quarterly Market Survey.

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