Mortgage applications in the U.S. rose last week to the highest level in three months.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending April 3 increased 4.7% to 1,250.6 from 1.194.4 the previous week. Purchase volume rose 11% to 297.7, while refinancing applications jumped 3.2% to 6,813.5.
Many Thanks To My Pal David Solleyman at Prospect Mortgage For This Report
David collects economic data on Fridays, and turns bits of data into news you can use in his weekly
economic report on Mondays.
David Solleyman is among the elite mortgage loan experts who has a loyal client base that sends their friends and family to him for help. Friends don't let friends go just ANY loan rep.
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Here Is More Economic Mumbo-Jumbo
According to the ICSC-Goldman Sachs index, retail sales rose 0.6% in the week ending April 4. This follows a strong 1.1% growth in the week ending March 28. On a year-on-year basis, retailers saw sales decline by 0.3% from the week ending April 4.
Amierican Households Are Dumping "Bad" Credit Card Debt
According to the Federal Reserve, consumer debt fell in February by $7.48 billion, or 3.5% at an annual rate. Economists had forecast consumer debt would drop $3 billion in February. Total consumer credit debt in February was $2.56 trillion. In a separate report, Moody's Investors Service stated that uncollected credit card debt rose to 8.82% in February, the most in 20 years.
Sales Of Durable Goods, Such As Refrigerators, Washers, Dryers, Bulldozers Show Confidence
Wholesale sales rose in February for the first time in eight months. Overall wholesale sales increased 0.6% and the sale of wholesale durable goods jumped 2%. Meanwhile, wholesalers reduced their inventories by 1.5% in February. The decline was more than twice as much as the 0.7% forecasted and the steepest since recordkeeping began in January 1992.
Companies Holding On To Employees In Anticipation Of Increased Sales
The Labor Department said initial claims for unemployment benefits fell by 20,000 to 654,000 from the previous week's revised figure of 674,000. The decrease in the week ending April 4 was better than expected. Economists had anticipated claims to drop to 660,000. The number of people continuing to claim jobless benefits rose to 5.84 million from 5.75 million in the prior week.
As Usual, Cable TV News Proclaim Doom And Gloom Even As The Economy Gains Strength
I watched a few minutes of cable news yesterday. Each Sunday, I listen to a replay of the Sunday talk 
shows on CSPAN radio, commercial-free. When the TV reporters heard guests mention stronger than expected company earnings reports will be announced over the next two weeks, the reporters got heck-bent on injecting fear, uncertainty, and doubt by starting follow-up questions with "Yes, but..."
Home Mortgages And Home Prices Holding At Historic Lows
You can get a lovely home at 2003 prices, with super-cheap loan rates. If you have been sitting on the fence, waiting for just the right moment to pounce, it's safe to hop off the fence, call your family mortgage loan officer, and your family Realtor to find out how to get the ball rolling.
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