Home loan application volume fell

June 19, 2013

There are no economic reports due for release today, but the big event will be the Federal Reserve’s monetary policy statement that is set to be delivered at 2:00pm ET today. There will be no change interest rates as the benchmark Fed Funds Rate will remain at 0.25%. The markets will be looking for any hints on the current Bond purchase program that has been enacted by the Federal Reserve in an effort to keep interest rates low, spur on the economy and to promote job growth.

Over in the mortgage banking sector, the Mortgage Bankers Association reported today that its Market Composite Index, a measure of loan application volume, fell 3.3% in the latest week as home loan rates inched higher. Both the refinance and the purchase index fell by 3%. The ultra low home loan rates that were seen in the past year are now at their highest levels since the fall of 2011.

Gas prices at the pump across the nation averaged $3.60 in the latest survey falling by 2 cents in the past week as some refining issues in the Great Lakes regions have been cleared up. Analysts do see prices falling in the coming weeks led steady oil prices and a decline demand by consumers.