CNBC: Mortgage Applications Up Despite Jump in Rates

steve, your news is only as good as its source.

Housing reports have been on the upswing, at least most of the data but not MBA's purchase applications index which is lagging behind. But there was some improvement in the May 1 week as the purchase index rose 5.0 percent to 264.3, a still very weak level. In contrast to purchase applications, applications for refinancing are very strong, up another 1.2 percent to 5,169.3. Refinancing makes up 74.4 percent of all applications. Rock-bottom mortgage rates are behind the rise in refinancing though rates did move higher in the latest week with 30-year fixed loans averaging 4.79 percent. The outlook for the housing market is definitely improving but expectations won't take off until MBA's purchase index shows some life.

Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction. Why Investors Care

so!!!!!!!!!!!!!!!!

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