Title Searches Dip

The AFS Title Search Index dipped 0.8% to 215.8 for the week ended July 24 from 217.4 (revised from 217.5) for the previous week, according to Advance Factor Service.The index averaged 213.3 over the previous four weeks, up 2.6 points from the prior week's four-week moving average. A year ago, the index stood at 167.2, 77.5% of the current level. "The persistence of nominal (without points) mortgage rates below 7.0% as tracked by the Freddie Mac Primary Mortgage Market Survey continues to provide lift to overall title activity," said AFS manager Paul Descloux. "As a leading indicator, the recent profile of title searches points to an extension of the current 1998 prepayment plateau." Mr. Descloux's e-mail address is paul.descloux@cor.dowjones.com.