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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, highlighting mortgage purchase applications and NAR's existing home sales release, is after the jump.
- Mortgage purchase applications were up 5.1 percent for the week ending February 18th. Purchase applications are a leading indicator of home sales.
- However, purchase applications do not always translate into loan acceptances and transactions. Also, purchase applications do not take into consideration cash buyers who, according to the January 2011 REALTORS® Confidence Index, make up as much as 32 percent of transactions. In Las Vegas and Miami, the cash purchases have said to approach 50 percent.
- Mortgage purchase applications were down 6.5 percent from the same week a year ago.
- Consumers took advantage of a decline in mortgage rates, as they fell to 5.0 percent on a 30-year fixed mortgage. Refinances, which accounted for 65.7 percent of mortgage activity, were up 17.8 percent.
- Read the NAR Existing Home Sales press release
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