Rise in Purchase Mortgage Applications  In further substantiation of my most recent Reports of May 10 and 21 that home sales are leading the recovery (reproduced herein for ease of reference), today the Mortgage Bankers Association (“MBA”) reports for the week ending May 22, a sixth consecutive weekly increase in mortgage [...]

The Mortgage Bankers Association (“MBA”), which tracks mortgage applications and purchases, reported yesterday that its index for single-family homes rose for the fifth consecutive week. On Tuesday Fed Chairman Jerome Powell testified before the Senate Banking Committee.  He gave a pretty grim assessment of the state of the US [...]