The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 19, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 8.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7.3 percent compared with the previous week.
“As many East Coast markets were digging out from the blizzard last week, purchase applications fell, another indication that housing demand remains relatively weak,” said Michael Fratantoni, MBA's Vice President of Research and Economics. “With home prices continuing to drift amid an abundant inventory of homes on the market, potential homebuyers do not see any urgency to lock in purchases.” Equities to watch on these numbers include: Home builders, mortgage lenders, and home furnishings companies.
Crude oil inventories had a build of 3.0 million barrels. Equities to watch on these numbers include: Oil Well, refineries and gas operations.
New home sales were difficult due to the winter snowstorms and had a lower-than-expected annual rate of 309k versus 360k consensus in January. New home sales fell 7.6% in December and down 22.9% in 2009. New home sales provide demand for housing of newly constructed homes with a committed sale during the month. Equities to watch on these numbers include: Home builders, mortgage lenders, and home furnishings companies.
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