Mortgage Applications Rise Again
May 17, 2010
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending May 7 rose 3.9%. Refinancing applications jumped 14.8%. Purchase volume decreased 9.5%.
The Commerce Department said wholesalers increased their inventories by 0.4% in March, following a 0.6% rise in February. Sales at the wholesale level rose a robust 2.4% in March, marking the 12th straight monthly gain.
The trade deficit increased 2.5% to $40.4 billion in March, from a revised $39.4 billion gap in February. Economists had expected the trade deficit to widen to $40.1 billion. Exports rose 3.2% to $147.87 billion. Imports increased 3.1% to $188.3 billion.
Retail sales rose 0.4% in April, following an upwardly revised 2.1% increase in March. Economists had anticipated retail sales to rise 0.2% in April. On a year-over-year basis, retail sales increased 8.8%.
Industrial production at the nation’s factories, mines and utilities increased 0.8% in April, following a 0.1% gain in March. It was the 10th consecutive monthly increase. The overall factory-operating rate rose to 73.7% of capacity in April, the highest reading since November 2008.
Total business inventories rose 0.4% in March, following an upwardly revised 0.5% increase in February. All components showed nearly uniform increases in March: manufacturers up 0.3%, retailers up 0.4%, wholesalers up 0.4%.
Initial claims for unemployment benefits fell by 4,000 to 444,000 for the week ending May 8. Continuing claims for the week ending May 1 rose by 12,000 to 4.627 million.
Upcoming on the economic calendar are reports on the housing market index on May 17, housing starts on May 18 and the index of leading economic indicators on May 20.
3 Comments to Mortgage Applications Rise Again
Comments
Mortgage application are up. However, the real question is how many are being approved for a mortgage?
It doesn’t help a seller if 100 people look at the house or if 500 look at it. Bottom line is he wants a qualified, financially viable person. He just wants one person to buy.
Lenders are still cautious and tight in their underwriting. Can’t say I blame them. The days of easy loans, and “look the other way” underwriting are gone.
applications to refinance existing mortgages increased 2.4 percent which is a good achievement.
I think applications have fallen since this article. Rates are so low. Wish I was a borrower right now.
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