The Mortgage Bankers Association (MBA) reported today that its Market Composite Index, a measure of total loan application volume, declined by 8.5% in the latest week. The refinance index fell by 11.4%, which now makes up 58% of mortgage applications, lowest since September 2013. The purchase index declined by 3.5% to the lowest level since 1995.
Experts are calling it the greatest buried treasure unearthed in the U.S. after a Sierra Nevada couple, while taking their daily walk on their property, recently uncovered a canister containing gold coins from the 19th century. The coins are said to be from 1847 to 1894 with a face value of $28,000, but could fetch more than $10 million in the open market, due to the rarity of the coins.
Despite the harsh weather last month, New Home Sales rose by 9.6% from December to January to an annual rate of 468,000, well above the 400,000 expected. The 468,000 was the best level since July of 2008. The median sales price is at $260,100, while there was a 4.7 months supply of inventory.
Tony Johncola's Mortgage Blog 