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Daily Economic Update
September  22, 2010
  Mortgage purchase applications fell 3.3 percent for the week ending 
  September 17th. Applications are slightly up from July and August but 
  remain near 13‐year lows. Purchase applications do not take into 
  consideration all‐cash purchases which according to the July 
  REALTORS® Confidence Index made up 30 percent of transactions. 
  Year‐over‐year purchase applications were down 38 percent.
  Refinances which fell 0.9 percent made up 81.1 percent of mortgage 
  activity as mortgage rates remain near historic lows at an average rate of 
  4.44 percent for a 30‐year fixed mortgage.
  House prices declined slightly in July (0.5 percent) according to the 
  FHFA Home Price Index released today. Prices are 3.3 percent down 
  year‐over‐year. The FHFA data covers only Freddie/Fannie backed 
  homes, and it lags NAR’s existing home sales which come out 
  tomorrow for the month of August. 
                      Produced by NAR Research

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Daily Economic Update: September 22, 2010

  • 1. Daily Economic Update September  22, 2010 Mortgage purchase applications fell 3.3 percent for the week ending  September 17th. Applications are slightly up from July and August but  remain near 13‐year lows. Purchase applications do not take into  consideration all‐cash purchases which according to the July  REALTORS® Confidence Index made up 30 percent of transactions.  Year‐over‐year purchase applications were down 38 percent. Refinances which fell 0.9 percent made up 81.1 percent of mortgage  activity as mortgage rates remain near historic lows at an average rate of  4.44 percent for a 30‐year fixed mortgage. House prices declined slightly in July (0.5 percent) according to the  FHFA Home Price Index released today. Prices are 3.3 percent down  year‐over‐year. The FHFA data covers only Freddie/Fannie backed  homes, and it lags NAR’s existing home sales which come out  tomorrow for the month of August.  Produced by NAR Research