Title Searches Fall

The AFS Title Search Index fell 5.0% to 219.4 for the week ended June 19 from 219.4 for the week ended June 12, according to Advance Factor Service.The index averaged 209.7 over the previous four weeks, up 2.3 points from the prior week's four-week moving average. A year ago, the index stood at 150.9, 72.4% of the current level. AFS manager Paul Descloux said the index's fallback indicates that mortgage rates may have to decline further to return mortgage demand to its 1998 highs. "However, the continuation of mortgage rates around the 7.0% level bodes for a continuation of the AFSTSX at least at these levels," Mr. Descloux said. "The four-week moving average of the AFSTSX is still at 82.5% of its February high, enough to sustain this refinance wave well into a fifth and sixth month." [AMIEE: URL LINK "Click here to see chart."