MBA Mortgage survey Purchase Index reversed 3-week trend

MBA Mortgage Application survey index results provide support for our thoughts that we may be seeing at least a short-term inventory build up in housing again, which could help dry up some of the many economic "green shoots" that everyone is seeing everywhere these days.

• The index came in at 514.4, down from 611.0 in the prior week.
• The refi index was at 1998.1, down 23% from the prior week. It is now at levels not seen since late last year.
• The purchase index was at 261.2, down 3.5% from the prior week, reversing its 3-week increasing trend.