Title Searches Creep Up

The AFS Title Search Index rose 0.4% to 210.9 for the week ended Aug. 14 from 210.2 the previous week, according to Advance Factor Service.The index averaged 211.5 over the previous four weeks, down 1.6 points from the prior week's four-week moving average. A year ago, the index stood at 162.3, 77.0% of the current level. "Current mortgage rates and the AFSTSX appear to be close to equilibrium at this stage in the refinance cycle," said AFS manager Paul Descloux. "With relatively little volatility in mortgage rates this year, and commensurate activity in title searches following their initial run-up, no great deviation from the current pace is expected near-term. After Labor Day, the perennial deceleration in housing turnover activity will weigh on the index." Mr. Descloux's e-mail address is paul.descloux@cor.dowjones.com.