US DATA: MBA refis -1.0% and the purchase index……

US DATA: MBA refis -1.0% and the purchase index jumped, +14.4%, making
the Mtg Bankers Assoc Market Composite +2.1% adjusted in the Nov. 19
week. The divergence has now put refis at their lowest since the end
of June and purchases at their highest since the expiration of the
homebuyer tax credit, a sign, an MBA off’l says, that “consumers are
feeling somewhat more confident.” The 4-wk moving ave is -3.2%. The
ave 30-yr mtg is up to 4.50% with refis 78.6% of total apps. See the
survey summary on the MNI main wire.