US DATA: MBA refis +7.7%, the 3rd weekly rise to the highest index level
since the beginning of December, while the purchase index was -1.9%,
making the Mtg Bankers Assoc Mkt Composite +5.0% adjusted in the Jan 14
wk. The 4-wk moving ave was +1.4%. An MBA off’l said refi apps “have
picked up as borrowers take advantage of lower rates, but purchase
applications remain quite low, indicating that home sales are unlikely
to pick up any time soon.” The ave 30-yr mtg was at 4.77% with refis
73.0% of total apps. See the survey summary on the MNI main wire.