Econoday Economic Report: MBA Purchase Applications February 29, 2012

2012 Economic Calendar

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MBA Purchase Applications

Released On 2/29/2012 7:00:00 AM For wk2/24, 2012

	Prior	Actual
Composite Index - W/W Change	-4.5 %	-0.3 %
Purchase Index - W/W Change	-2.9 %	8.2 %
Refinance Index - W/W Change	-4.8 %	-2.2 %

Highlights
Mortgage applications for home purchases rose 8.2 percent in the holiday shortened February 24 week, a surge that still couldn't lift the four-week average, at minus 1.0 percent, out of the negative column. The Mortgage Bankers Association, which compiles the report, isn't impressed by the latest week's gain: "Purchase application volume increased over the week, but remains within the narrow and anemic range of activity we have seen since the expiration of the homebuyer tax credit in May 2010."

Rates remain extremely favorable with 30-year fixed mortgages averaging 4.07 percent, down two basis points in the week. Refinancing volume eased in the week, down 2.2 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

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Actual Data Source: Haver Analytics