Econoday Report: United States : MBA Purchase Applications February 10, 2010

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United States : MBA Purchase Applications

Released on 2/10/2010 7:00:00 AM For wk2/5, 2010

	Prior	Actual
Purchase Index - W/W Change	10.3 %	-7.0 %

Highlights
Mortgage applications for purchases fell 7.0 percent in the Feb. 5 week extending a string of choppy week-to-week movements. Applications for refinancing rose 1.3 percent. The Mortgage Bankers Association has been warning that refinancing volume is likely to decline as the Federal Reserve winds down its purchases of mortgage-backed securities. Mortgage rates fell in the week with the average 30-year loan down 7 basis points at 4.94 percent.

Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction. Why Investors Care