Mortgage applications jumped last week, according to the Mortgage Bankers Association:
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 22, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 3.2 per cent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.1 per cent compared with the previous week.
The Refinance Index increased 3.0 per cent from the previous week. The seasonally adjusted Purchase Index increased 3.9 per cent from one week earlier. The unadjusted Purchase Index increased 3.5 per cent compared with the previous week and was 30.3 per cent lower than the same week one year ago.
This is a bit of a relief since, considering all the foreclosure news, it would not have been surprising to see this totally fall off a cliff, even from historically low levels.
Maybe people are realising that this moment in uber-low rates is coming to a close?
(By the same token: Public companies, you better float debt now before it’s too late).
Here’s the yield curve: