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
increased 4.1 percent during the week ending December 9.
§ The Purchase Index
declined 8.2 percent from the prior week, while the Refinance index moved in
the opposite direction, rising 9.3 percent, driven by declining interest rates.
§ Interest rates on
30-year fixed mortgages declined to 4.12 percent, the lowest rate of 2011.
§ Cash purchases—which
have been steady at 30 percent of transactions—were not captured in the data.
§ Import prices during the
month of November increased 0.7 percent, according to a report by the Labor
Department.
§ On a yearly basis,
import prices have risen 9.9 percent, adding to the upward inflationary
pressure.
Source: National Association of Realtors
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