not see what is not there...
What Jim @ CR predicted is coming true - RE sales, both new & existing - have collapsed.
What we did not expect to see is that REFIs are NOT expanding anything like they should.
You have better have a very GOOD reason why you haven't taken advantage of this "Golden" opportunity - literally and figuratively - both with your reason and your opportunity.
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This [First] graph shows the MBA Purchase Index and four week moving average since 1990.
The purchase index has increased slightly for four straight weeks - but is still 40% below the level of the last week of April (and about 32% below the last week of April using the 4-week average).
This recent collapse in the purchase index has already shown up as a decline in new home sales (counted when the contract is signed), and will show up in the July and August existing home sales reports (counted at close of escrow).
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This [Second] graph shows the 30 year fixed rate mortgage interest rate based on the Freddie Mac survey since 1971.
The decline in mortgage rates is related to the weak economy and falling Treasury yields. Rates will probably fall again this week with the Ten Year Treasury yield down to 2.7%.
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MBA: Mortgage Applicatio
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Freddie Mac: 30 Year Mortgages Rates fall to series record low
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