Trading activity is light this morning in the mortgage market. Investors have little to guide their rate setting decisions.
The Mortgage Bankers of America said its seasonally adjusted index of mortgage applications, a value which includes both purchase and refinance loans, slumped 10.5% during the week ended October 15th. Demand for home refinancing fell for the sixth time in seven weeks - dropping by 11.2%. Purchase application requests slid 6.7% lower.
While it is true that interest rates on 15- and 30-year fixed-rate mortgages rose for the first time in six weeks during the survey period - they are still within shouting distance of their record all-time lows.
The Fed will release their "Beige Book" this afternoon at 2:00 p.m. ET. This report, named for the color of its cover, is a compilation of economic reports from all 12 Federal Reserve districts. The tone of these regional surveys will generally be gloomy - especially in terms of the employment picture. The chance any of the data contained in the "Beige Book" will surprise mortgage investors is small. This report will not likely exert any noticeable influence on the current trend trajectory of mortgage interest rates.
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