Consumer Confidence/Mortgage applications

The MBA said weekly mortgage applications rose 6.6% as refi’s rose 5.9% and purchases gained 7.3% as the average 30 year mortgage rate fell to 5.44%, down 13 bps from two weeks before. The gain in refi’s though comes on the heels of an almost 50% drop over the past month. The purchase component rose to the highest since April 10th, likely still being helped out by the $8,000 home buying tax credit and an additional $10,000 credit in CA. ABC weekly confidence fell 4 points to -53 and is just within 1 point of matching its all time record low dating back to 1985. The Personal Finance component did in fact fall to a record low, dropping a sharp 8 points on the week as ABC said “spiking gas prices have added insult to recessionary injury.”
Peter Boockvar

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