The US Mortgage Banker’s Association (MBA) reported that the Purchase Index increased 0.9% from a week earlier and has “experienced little change over the last three weeks, staying between 260 and 265.”
The MBA did not provide an actual number but based on last week’s figure, the small rise would put the Purchase Index at 264.4.
As I’ve mentioned in previous posts, home sales are rising and prices appear to be stabilizing. Moreover, yesterday’s solid rise in the Pending Home Sales Index points to further gains over the next couple of months in existing home sales.
The index is off the bottom, but the lack of a meaningful response in the Purchase Index suggests some type of disconnect in the MBA’s leading indicator of housing sales, in my view.
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