According to the Mortgage Bankers Association, the rate of mortgage purchase applications for the week ending July 24th remained unchanged from the previous week at 262.
The problem is that an index of 262 indicates continued weak demand for real estate. After hitting a 12-week high of 285.6 for the week ending July 3rd, the index has struggled the past three weeks at 258.8, 262.1, and now 262.
The concern is that while home sales seem to have stabilized and fallen into a sustainable range, the current pace of home sales is insufficient in dealing with the pace of foreclosure filings which have surged 33% year over year according to RealtyTrac.
According to the MBA, the 30-year fixed rate mortgage rose from 5.31% to 5.36%.