Wednesday, Dec 06, 2006

US Mortgage Applications up

Reuters: US mortgage applications surge in latest week-MBA

What the bleep is going on? "U.S. mortgage applications rose sharply last week, fueled by a surge in home refinancing loans as interest rates sunk to their lowest levels in more than a year, an industry trade group said on Wednesday. "

Posted by doomage @ 08:41 PM (485 views)
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5 Comments

1. paul said...

Good god this is desperate:

"The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Dec. 1 increased 8.1 percent to 647.6 from the previous week's 599."

So figures are up:

this week
by 8.1%
seasonally adjusted
as compared with last week

Ummm. Right, well that just changes everything. The US housing recession is officially canceled.

P.S. Why didn't we see last week's figures, or the week before's, or any previous week's figures?

Wednesday, December 6, 2006 10:40PM Report Comment
 

2. Nohpc said...

I know it's only one week but it could be a sign that the US market has turned a corner or at least stopped dropping. Maybe it won't be as bad as everyone thought after all.

Thursday, December 7, 2006 05:26AM Report Comment
 

3. monty said...

"Why didn't we see last week's figures, or the week before's, or any previous week's figures?"

Here you go Paul. These headlines are from the Mortgage Bankers Association website which reports the actual figures week on week.

As for why Reuters didn't report the "Mortgage Applications Fall" postings? Maybe they did, I haven't looked. Perhaps they were not deemed newsworthy enough given that we all seem to "know" that the US is in a housing bust/hard landing/soft landing/recession/depression and that a fall in applications at such a time is unsurprising. I've seem similar arguments for not making postings to this forum. My point is that you can go and see the figures for yourself if you really wanted to. There is no media/government/masons/illuminati/lizard lead conspiracy and no-one is trying to hide anything from you here.

12/6/2006 Rates Fall and Mortgage Applications Rise In Latest Survey
11/29/2006 Mortgage Applications Fall in Latest Survey
11/22/2006 Mortgage Applications Fall in Latest Survey
11/15/2006 Rates Fall and Mortgage Applications Rise in Latest Survey
11/8/2006 Mortgage Applications Rise in Latest Survey
11/1/2006 Mortgage Rates and Applications Decline in Latest Survey

Thursday, December 7, 2006 08:50AM Report Comment
 

4. paul said...

"Perhaps they were not deemed newsworthy enough"

Well that's the key phrase, isn't it? Falls in prices are never as newsworthy as price gains.

But only because they have their advertisers' interests to look after.

Thursday, December 7, 2006 09:07AM Report Comment
 

5. Shemesh said...

"The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Dec. 1 increased 8.1 percent to 647.6 from the previous week's 599."

On its own this is a useless piece of news. It doesn't say how much of this is for refinancing existing loans at lower rates and how much is for new loans.

Another part of the story: "NEW YORK, Dec 6 (Reuters) - U.S. mortgage applications rose sharply last week, fueled by a surge in home refinancing loans as interest rates sunk to their lowest levels in more than a year, an industry trade group said on Wednesday."

That makes sense. If rates fall then you should expect increase in mortgage applications as refinancing existing loans becomes more attractive.

So this is no news

Thursday, December 7, 2006 10:32AM Report Comment
 

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