Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses mortgage applications.
- Mortgage applications decreased 2.4 percent during the week ending April 6, 2012, with the Purchase Index declining 0.5 percent from the prior week.
- The Refinance index dropped 3.1 percent, despite declining interest rates on 30-year fixed mortgages, which reached 4.10 percent.
- Cash purchases—which have been steady at about 30 percent of transactions—were not captured in the data.
- Import and export prices during the month of March increased 0.5 percent, according to a report by the Labor Department.