Weekly mortgage applications are a leading indicator of home purchasing intent. However, because they are weekly numbers they are very noisy and any weeks number should be taken with a grain of salt. It is worth noting that purchase applications have been falling and took a big dive this week.
In order to qualify for the first time home buyer tax credit, closing must occur before the end of November. Applying for a mortgage now is cutting it very close, especially given the tougher application process. Could this be a harbinger of things to come once the tax credit expires?