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October 2, 2013

Mortgage Applications Weak. Private Jobs Show Minimal Real Growth.

October 2, 2013

Mortgage Applications Weak. Private Jobs Show Minimal Real Growth.

MBA Mortgage Applications (Week ended 9/27/2013)

– Purchase Index Week/Week -6.0%. Previous weeks were +7.0%, +3.0%, -3.0%, -0.4%, +2.0%, +1.0%, -5.0%, +1.0%, -3.0%, -2.0%, and +1.0%.

– Refinance Index Week/Week +3.0%. Previous weeks were +5.0%, +18%, -20%, +2.0%, -5.0%, -8.0%, -4.0%, +0.0%, -4.0%, and +1.0%.

– Composite Index Week/Week -0.4%.  Previous weeks were +5.5%, +11.2%. -13.5%, +2.0%, -2.5%., -4.6%, -4.7%, +0.2%, -3.7%, -1.2%, and -2.6%.

Lower rates barely helped refinancing and the Purchase Index is a disappointment.

ADP Employment Report (September 2013)

– ADP Private Jobs +166,000. Previous was revised from +176,000 to +159,000 for a cumulative gain of 149,000 jobs. To keep the ratio of people working/total population constant we need 125,000 more jobs/month.