Wednesday, December 4, 2013 - Article by: Richard Airey - First Financial Mortgage -
The Mortgage Bankers Association reported this morning that its Market Composite Index, as measure of total loan application volume, fell by nearly 13% in the latest week. The refinance index declined by 18% while the purchase index fell by 4%. Home loan rates rose during the summer months, easing the demand for home purchase and refinance loans. The numbers could be somewhat skewed by the Thanksgiving holiday.In the housing sector, the Commerce Department reported that the delayed New Home Sales report for September showed that sales declined by 6.6% to an annual rate of 354,000 and below the 432,000 expected. In October, sales rose by 26% to 444,000 and above the 420,000 expected. Both reports were delayed due to the government shutdown - the November report will be released on December 24.In job related news, ADP reported that private employers added 215,000 jobs in November, the most in a year, and above the 160,000 that was expected. The October numbers were revised higher to 184,000 from 130,000. The service sector led the way and the gains were broad based. The report comes ahead of the government report, due out Friday morning, where it is expected that there were 188,000 jobs created.
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