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May 8, 2013

Purchase Index Best since May 2010

May 8, 2013

Purchase Index Best since May 2010

MBA Mortgage Applications (week ended 5/3/2013)

– Purchase Index  +2.0%. Previous weeks were -1.4%, +0.3%, +4.0%, -1.0%, and +1.0%.

– Refinance Index week/week 8.0%. Previous weeks were +3.0%, +0.3%, +5.0%. +6.0%, and -6.0%

– Composite Index week/week 7.0%. Previous weeks were +1.8%, +0.2%, +4.8%, +4.5%, and +4.0%.

76% of the applications were refinance.  HARP loans are 30% of all refinance applications. The seasonally adjusted Purchase Index is at the highest level since May 2010.

The purchase index is the more important macroeconomic indicator and the trend is positive.

Consumer Credit (March 2013)

This is from late yesterday.

– Consumer Credit  Month/Month change +$8.0 billion, down from previous month’s increase of +$18.1 billion. Lately the increases in Consumer Credit have largely been in student loans which, I believe, can create long-term problems for many of those borrowers.