Thursday, January 24, 2013

Mortgage Purchase Index the highest since 2010

As discussed earlier (see post), mortgage rates have bottomed. In spite of that, mortgage activity for home purchases (as opposed to refinancing) has risen to the highest level since 2010. The chart below shows 30y fixed mortgage rate relative to the "Purchase Index" - a measure of mortgage applications to buy a home. Mortgage rates are still near historical lows, with small increases unlikely to deter buyers.

Source: Mortgage News Daily
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