MBA Purchase Applications Composite Index Up 10.9%

The MBA The Market Composite Index rose 10.9% the week ending July 3rd 2009. The purchase index rose 6.7%, while the refinancing component climbed 15.2%, on the back of relatively favorable interest rates. Remember this index could be skewed by lenders filling out multiple applications, and I would like to see a continued trend in the index before rushing to any conclusions on the housing sector. The 4wk moving average of the market index is still down by 5.6%.