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March 20, 2013

Mortgage Applications down 5 of Last 6 Weeks.

March 20, 2013

Mortgage Applications down 5 of Last 6 Weeks.

MBA Mortgage Applications (week ended 3/15/2013)

–  Purchase Index Week/Week -4.0%. Previous weeks were -3.0%, +15%, -5%, -2.0% and -10%.

– Refinance Index -Week/Week  -8.0%. Previous weeks were -5.0%, +15% , -3.0%, -2.0% and -6.0%.

– Composite Index Week/Week -7.1%. Previous weeks were -4.7%. +14.8%. -3.8%, -1.7% and -6.4%.

All 3 indices have declined 5 of the last 6 weeks.  Either the housing market is not as healthy as we are being led to believe or a lot of people are buying houses with cash.