WASHINGTON, D.C. (November 17, 2010) — "The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 12, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 14.4 percent on a seasonally adjusted basis from one week earlier. The results do not include an adjustment for Veterans Day. On an unadjusted basis, the Index decreased 15.0 percent compared with the previous week."
ALL it took was a .2% increase in mortgage rates....that is how fragile the market place is. EURO troubles can cause unexpected US $ strength, weakness in commodities and US markets.
Yesterdays decline registered as a 90% plus down volume day, another in a aseries of historic volatility in 2010. Usually this is followed with a rally attempt for 2-7 days, I don't expect much, lows not in place yet for stronger ST bounce IMHO
D
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