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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (1603)10/22/2003 10:22:25 AM
From: ild  Read Replies (3) of 110194
 
The Mortgage Bankers Associations refinancing index, which tracks U.S. refinancing applications, fell in the week ended October 17, down 5.8 percent at 2204.1 and near its year lows of late August. The decline reflects rising mortgage rates, which in turn are tied to the yield on the U.S. 10-year Treasury note that has been moving higher on growing indications of economic recovery. As long as interest rates are on the rise, future consumption will not be helped by homeowner refinancing. The MBA's purchase index, which tracks the nation's volume of new home loans, bounced up 7.5 percent to 386.1 following a deep plunge in the prior week. The bounce lifts the purchase index back inside the lower end of its year-long range and suggests continuing strength in one of the economy's leading sectors, residential construction.
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