US DATA: MBA refis -11.4% and the purchase index -5.9%, making the
Mtg Bankers Assoc Market Composite -9.5% adjusted in the wk ended Feb
11. It was the lowest refi index since the beginning of July 2009. The
4-wk moving ave was -4.5%. The latest ave 30-yr fixed mtg was at 5.12%,
about the same as the previous. An MBA off’l said buyers have not
returned to the mkt “as rising rates have reduced affordability to some
extent.” See the survey summary on the MNI main wire.