Tag Archive for MBA

Mortgage Rate Drop Spurs Demand

January 16, 2014 Housing Market Comments Off on Mortgage Rate Drop Spurs Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, total mortgage loan application volume increased 11.9 percent last week due to a significant drop in the average mortgage rate. The Refinance Index was up 11 percent and the seasonally adjusted Purchase Index rose 12 percent. The previous week’s results included an adjustment for the New Year’s. Michael Fratantoni, MBA’s chief economist, said the drop in rates triggered a pickup in refinance volume, while the change in purchase activity most likely reflects an increase following the holiday season. Still, the gain in purchase demand was more than anticipated and may indicate a strong selling season this coming spring and summer. The MBA’s survey covers more than 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

Mortgage Demand Stalls As Rates Rise

December 20, 2013 Housing Market Comments Off on Mortgage Demand Stalls As Rates Rise

The Mortgage Bankers Association’s Weekly Applications Survey covers more than 75 percent of all U.S. residential mortgage applications and is a measure of both refinancing and home purchase demand. According to the most recent release, total mortgage loan application volume fell by 5.5 percent last week from one week earlier. Both the Refinance Index and the Purchase Index fell 6 percent from the previous week. Mike Fratantoni, MBA’s vice president of research and economics, said the market index fell to its lowest level in more than a dozen years. According to Fratantoni, purchase and refinance demand dropped due to increasing interest rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances edged up last week, reaching its highest level since September. More here.

Refinancing Activity Continues To Rise

October 17, 2013 Housing Market Comments Off on Refinancing Activity Continues To Rise

According to the Mortgage Bankers Association’s Weekly Applications Survey, refinancing demand increased again last week, rising 3 percent after a 2.5 percent gain in the previous week’s survey. But despite the improvement, total mortgage application demand was nearly flat, registering just a 0.3 percent increase due to a decline in purchase loan activity. That decline was caused, in part, by the effects of the federal government’s shutdown. Mike Fratantoni, MBA’s vice president of research and economics, said the shutdown had a notable impact on the mortgage market, as applications for government programs dropped more than 7 percent to their lowest level since December 2007. The survey also found the average contract interest rate for 30-year fixed-rate mortgages up slightly from the week before. The MBA’s weekly survey covers more than 75 percent of all U.S. retail residential mortgage applications. More here.

Mortgage Demand Increases As Rates Fall

September 26, 2013 Uncategorized Comments Off on Mortgage Demand Increases As Rates Fall

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage loans was up 5.5 percent last week from the week before. The increase included a 7 percent spike in demand for purchase loans and a 5 percent gain in the number of people requesting applications to refinance their home. The Purchase Index was at its highest level since July. The survey also found the average contract interest rate for 30-year fixed-rate mortgages fell again last week for all loan types. But despite the drop in rates, the refinance share of total mortgage activity was unchanged from the previous week at 61 percent. The survey, which the MBA has been conducting weekly since 1990, covers 75 percent of all U.S. retail residential mortgage applications. More here.

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