Fixed rate mortgages are changed little this week, at 4.5%.The MBAA reports their Market Composite Index: (Loan application volume) decreased 5.9 percent over last week
Their Refinance Index: also decreased 7.2 percent from the previous week .However, Mortgage applications also decreased 5.9% from one week earlier The MBAA reports their Purchase Index decreased 3.9 percent
Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter, they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward.
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