Tag Archive for purchase index

Mortgage Rates, Purchase Demand Both Fall

February 13, 2014 Housing Market Comments Off on Mortgage Rates, Purchase Demand Both Fall

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed rate mortgages fell again last week. It was the fifth consecutive week that mortgage rates have fallen. But despite declining rates, total mortgage loan application volume decreased, dropping 2 percent from the previous week due to a 5 percent dip in the Purchase Index. The Purchase Index, which measures loan requests to buy homes and is a leading indicator of home sales, is now 13 percent below the same week one year ago. Refinance activity, on the other hand, was little changed from the week before. The Refinance Index fell 0.2 percent and the refinance share of total mortgage activity remained unchanged at 62 percent. The MBA’s weekly survey covers more than 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

Mortgage Rates Fall To Lowest Level Since November

January 23, 2014 Housing Market Comments Off on Mortgage Rates Fall To Lowest Level Since November

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell last week, reaching its lowest level since November 2013. It was the second consecutive week of decreases after ending 2013 on an upward swing. The drop led to a 10 percent increase in the Refinance Index and a 4.7 percent gain in overall mortgage loan application volume. The refinance share of total mortgage activity was at its highest level in a month, improving to 64 percent from 62 percent the month before. The seasonally adjusted Purchase Index, on the other hand, decreased 4 percent from one week early and was 15 percent lower than the same week one year ago. The MBA’s survey covers 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

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 Rates Hold Steady, Demand Rises

January 9, 2014 Housing Market Comments Off on Mortgage Rates Hold Steady, Demand Rises

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages was unchanged last week from the week before. Mortgage rates held steady for loans with both conforming and jumbo balances, while 15-year rates increased. Demand for loan applications, on the other hand, was up – rising 2.6 percent from the previous week. The Refinance Index spiked 5 percent – after falling 9 percent a week earlier – and the seasonally adjusted Purchase Index fell 1 percent. The results were adjusted to account for the New Year’s Day holiday. Also in the report, the refinance share of total mortgage activity remained at 63 percent from the week before. The Mortgage Bankers Association’s Weekly Applications Survey covers more than 75 percent of all U.S. retail residential mortgage applications and has been conducted since 1990. More here.

Mortgage Rate Rise Stalls Loan Demand

November 14, 2013 Housing Market Comments Off on Mortgage Rate Rise Stalls Loan Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for a 30-year, fixed-rate mortgage spiked last week following consecutive weeks of decline. The increase slowed total mortgage application demand by 1.8 percent. Refinance activity was down 2 percent from one week earlier, but as a share of total mortgage loan volume remained steady. Also, the purchase index, which measures demand for loans to purchase homes, fell 1 percent. The MBA’s survey covers 75 percent of residential mortgage applications and has been conducted since 1990. More here.

Mortgage Demand Slides Despite Rate Drop

November 7, 2013 Housing Market Comments Off on Mortgage Demand Slides Despite Rate Drop

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan limit fell again last week. But despite another drop in the average interest rate, applications for home loans decreased 7 percent from the week before. Refinance activity tumbled 8 percent and demand for loans to purchase homes was down 5 percent. The refinance index is up slightly over the past two months, but the purchase index is down about 3 percent according to its 4-week moving average. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all U.S. residential mortgage applications. More here.

Refinancing Demand Hits Two-Month High

October 10, 2013 Housing Market Comments Off on Refinancing Demand Hits Two-Month High

According to the Mortgage Bankers Association’s Weekly Applications Survey, the Refinance Index rose 2.5 percent last week, reaching its highest level since early August. The spike in refinancing activity is likely tied to decreases in the average mortgage rate after they hit highs for the year in September. In recent weeks, the average contract interest rate for 30-year fixed-rate mortgages has been falling and did again last week. The resulting increase in the Refinance Index pushed total mortgage application demand up 1.3 percent from one week earlier, despite a 1 percent dip in the Purchase Index. The MBA’s weekly survey covers more than 75 percent of U.S. residential mortgage applications. More here.


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