I just wanted to give a brief report on todays' economic data for the housing industry. The Mortgage Application Survey released its weekly data today. This survey contains data from 15 national markets and it covers residential purchase and refinance mortgages of the government and conventional variety.
The data showed that there was a 7.7% increase in refinance application from a week ago. This is primarily because the mortgage rates hit their lowest point in a month. This is the highest refinance activity since the beginning of December.The data showed a seasonally adjusted drop on the purchase side of things of 1.9%.
In other housing data.Housing starts dropped to their lowest levels since late 2009. The housing starts track This isn't too much of a surprise with the harsh temperatures in the Midwest and the record storms across the rest of the country. The silver lining in the number is that building permits are up. This doesn't help real estate agents as much but at least it will keep Home Depot in business.
Tomorrow will bring us some more market moving economic data. We have the weekly jobless claims out at 8:30 and the existing home sales report will be out at 10am. I will shoot everyone a report on those tomorrow.
Comments(3)