Mortgage activity for the week ending March 23 decreased by 2.7 percent. For the sixth straight week, refinancing demand within the Mortgage Bankers Index dropped by 4.3 percent which now puts refinance activity at 71.9 percent of all mortgage transactions, a low which we haven’t seen since last July. Purchases however continue to climb, increasing 3.3 percent for the week.
Durable goods increased 2.2 percent in February, but came up short of economists’ expectations.
While a few weeks ago it seemed as though almost every economic report was positive, we’re starting to experience a mixed bag of data, which along with the daily increase in gas prices, could reignite the QE3 discussion and help to put additional downward pressure on mortgage rates as we enter the all-important spring home buying and selling season here in the Triangle.
Anecdotal evidence from the Triangle continues to point to a strong start to 2012 as it relates to new and existing home sales as well as refinance activity.
Market reaction to economic data this morning has been quiet, with Treasury Yields flat as markets opened Wednesday morning.