Posted on 10/23/2013 8:20:32 AM PDT by whitedog57
In an abbreviated week (Columbus Day), mortgage applications -0.57% for the week ending October 18, 2013.
mbaindice102313
Mortgage purchase applications rose slightly at +0.73%. However, it is slightly disappointing given recent declines in the 30 mortgage rate (in this case, the MBA 30 year effective rate).
mbapurch102313
And the long-term trend remains in mortgage lenders’ Grim Fandango. That is, zone of stalled mortgage purchase applications.
mbaplt102313
Concerning mortgage refinancing applications, they are increased largely due to the recent decline in mortgage rates. But it is hardly a “refi wave.” More like a ripple in a pond.
mbarefi102313
And the Federal Housing Finance Agency (FHFA), the regulator for Fannie Mae and Freddie Mac, reported a Month-over-month gain in national house prices of 0.3%, the lowest since September 2012.
fhfahpmom7
For comparison, here is a chart comparing S&P Case-Shiller (green), Loan Performance (gold), FNC (purple) and FHFA’s purchase-only (white) house price indices.
comphp10123
So, mortgage purchase applications remain in the Zona de Muerta while house prices accelerate.
mbapurchfha
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Where?
They should skip the light fandango and turn
cartwheels on the floor.
Scaramouche Scaramouche can you do the Fandango.....
Homeboy needs to learn to post his own graphics.
Note also that the chart is stolen from Bloomberg Finance and is copyrighted. He stole it.
Yet by virtue of sticking it on his bloggy-blog, he’s claimed to be the author of it.
Hmmm.
Missed the bloomberg...turned myself in. Thanks.
Grim Fandango. Helluva character actor. Used to work with Gene Autry, I believe.
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