Title Searches Flat

The AFS Title Search Index remained nearly unchanged for the week ended May 29, rising 0.4% to a holiday-adjusted 200.0 from 199.2 for the week ended May 22, according to Advance Factor Service.The index averaged 206.9 over the previous four weeks, down 0.9 points from the prior week's four-week moving average. A year ago, the index stood at 142.0, 71.0% of the current level. "Recent erosion in title activity may have come to a halt according to last week's holiday-adjusted AFSTSX," said AFS manager Paul Descloux. "With further marginal increases in mortgage affordability over the past few days, the AFSTSX could be poised to retest its most recent high of 219.3 from April 8. If 30-year mortgage rates are able to reach the psychologically important 7.0% mark, an acceleration in title activity concurrent with mortgage applications should not be unexpected."