U.S. MBA mortgage market index rose 0.6%
U.S. MBA mortgage market index rose 0.6% in data released earlier, along side a 3.0% gain in the purchase index and an 0.8% drop in the refinancing index for the week ended October 14. This followed a 5 basis point rises in the average 30-year mortgage rate to 3.73%, tracking the rise in global bond yields higher amid concern that QE tapering in Europe and eventual rate hikes in the U.S. could turn the rate ship around. Fed Chair Yellen's speech about getting more aggressive with "high pressure policy" to reverse long-term damage from the financial crisis also injected an element of reflationary uncertainty, though most of her lieutenants want to hike sooner rather than later. Housing has been mixed and more detail on the sector can be found in our reports on existing home sales, housing starts and new home sales.