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MBA Mortgage Applications  
Released On 3/11/2009 7:00:00 AM For wk3/6, 2009
Purchase Index - Level236.4 253.3 

Mortgage rates swept lower in the March 6 week, sparking a rise in both purchase applications and refinancing applications. The purchase index rose 7.1 percent to 253.3, an improvement but a still very weak level, while the refinancing index jumped 13.3 percent to a 3,470.7 level that indicates solid activity. Rising levels of refinancing suggests that more homeowners are rolling unfavorable loans into ones they can afford, a good sign for the housing sector that will help limit both supply on the market and further contraction in home prices. Mortgage rates really fell in the week with 30-year fixed loans averaging 4.96 percent, down 18 basis points from the prior week.

The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.  Why Investors Care

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