assume that "purchase apps" will lead to higher sales...
and
that more "Refis" will actually be approved.
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This month PE - Sold on the Top and Bill@CR take another very different view of the data.
PS-Sot separate out purchases from Refi's to show U.S. that they are very different.
CR, however, looks at the differences between the 10yr TBill rates and the 30yr fixed rates and re-financing applications.
Both show that when interest rates shift, there is a quick, direct impact on mortgage behavior.
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What we MUST remember, however, is that for RE sales, especially for foreclosures, the interest rates are almost meaningless. Tis the price that "counts" for the all cash investors.
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MBA Application Survey – November 09 2011
http://paper-money.blogspot.com/2011/11/reading-rates-mba-application-survey_09.htm
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Mortgage Rates and Refinance Index
http://www.calculatedriskblog.com/2011/11/mortgage-rates-and-refinance-index.html
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