Thursday, October 12, 2006

U.S. MBA's Mortgage Applications Index Fell 5.5% Last Week

The Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan dropped 5.5 percent, the most since June, to 599.1. The group's index of home purchases decreased 5.3 percent to 383.3.

I just don't believe it. Hoping for a major correction next week. Today rates moved another 3 basis points up with nothing driving the rates. It has to be supply and demand.

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