Mortgage applications eked out the slightest of gains as interest rates barely budged from a week ago, according to the latest survey from the Mortgage Bankers Association. Total applications increased 0.1 percent from a week ago but are nearly 18 percent above year ago levels.
Refinance applications were the driver, increasing 3 percent from the previous week to the highest level since May, 2015.
"As rates declined over the past few weeks, refinance activity picked up in terms of share and volume in the most recent week's data.The refi share, at 53 percent, was the highest refi share since April and the refi index increased 3.1 percent to reach its highest level since May," said Lynn Fisher, the MBA's vice president of research and economics.
Purchase applications decreased 4 percent from the prior week, but are 20 percent higher than a year ago.
Interest rates for the popular 30-year fixed rate mortgages were unchanged at 4.13 percent for loans for $417,000 or less, known as conforming and stayed at 4.08 percent for jumbo loans (greater than $417,000).
Mortgage lenders say clients are watching rates closely as the Federal Reserve has clearly signals it will move rates higher as the economy improves. Tolbert Rowe, VP with Bay Capital Mortgage in Easton,Maryland, says there's a question if the Fed talk has already been priced into mortgage rates, "I've been telling my clients that it's an event, how it impacts rates, if at all, I'll let you know after it happens."
read more: http://www.cnbc.com/2015/08/12/weekly-mortgage-applications-edge-up-as-rates-stall.html
Showing posts with label mortgage applications. Show all posts
Showing posts with label mortgage applications. Show all posts
Thursday, August 13, 2015
Thursday, July 9, 2015
Mortgage applications rise as rates tick down
Mortgage applications increased 4.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 3, 2015. This week’s results included an adjustment for the July 4th holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 4.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6% compared with the previous week. The Refinance Index increased 3% from the previous week.
The seasonally adjusted Purchase Index increased 7% from one week earlier. The unadjusted Purchase Index decreased 4% compared with the previous week and was 32% higher than the same week one year ago.
The refinance share of mortgage activity decreased to 48.0% of total applications, its lowest level since June 2009, from 48.9% the previous week. The adjustable-rate mortgage share of activity increased to 7.1% of total applications.
The FHA share of total applications decreased to 13.7% from 14.0% the week prior. The VA share of total applications remained unchanged at 10.8% from the week prior. The USDA share of total applications decreased to 0.9% from 1.0% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.23% from 4.26%, with points increasing to 0.37 from 0.33 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
see more: http://www.housingwire.com/articles/34408-mortgage-applications-rise-as-rates-tick-down
The Market Composite Index, a measure of mortgage loan application volume, increased 4.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6% compared with the previous week. The Refinance Index increased 3% from the previous week.
The seasonally adjusted Purchase Index increased 7% from one week earlier. The unadjusted Purchase Index decreased 4% compared with the previous week and was 32% higher than the same week one year ago.
The refinance share of mortgage activity decreased to 48.0% of total applications, its lowest level since June 2009, from 48.9% the previous week. The adjustable-rate mortgage share of activity increased to 7.1% of total applications.
The FHA share of total applications decreased to 13.7% from 14.0% the week prior. The VA share of total applications remained unchanged at 10.8% from the week prior. The USDA share of total applications decreased to 0.9% from 1.0% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.23% from 4.26%, with points increasing to 0.37 from 0.33 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
see more: http://www.housingwire.com/articles/34408-mortgage-applications-rise-as-rates-tick-down
Wednesday, March 25, 2015
Mortgage applications jump 9.5% in mid-March
Mortgage applications increased 9.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 20, 2015.
The Market Composite Index, a measure of mortgage loan application volume, increased 9.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9% compared with the previous week.
The Refinance Index increased 12% from the previous week. The seasonally adjusted Purchase Index increased 5% from one week earlier to its highest level since January 2015. The unadjusted Purchase Index increased 5% compared with the previous week and was 3% higher than the same week one year ago.
The refinance share of mortgage activity increased to 61% of total applications from 59% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.8% of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.90%, its lowest level since February 2015, from 3.99%, with points decreasing to 0.37 from 0.40 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.89%, its lowest level since January 2015, from 3.94%, with points decreasing to 0.25 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.71%, its lowest level since January 2015, from 3.74%, with points increasing to 0.21 from 0.12 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.
read more: http://www.housingwire.com/articles/33338-mortgage-applications-jump-95-in-mid-march
The Market Composite Index, a measure of mortgage loan application volume, increased 9.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9% compared with the previous week.
The Refinance Index increased 12% from the previous week. The seasonally adjusted Purchase Index increased 5% from one week earlier to its highest level since January 2015. The unadjusted Purchase Index increased 5% compared with the previous week and was 3% higher than the same week one year ago.
The refinance share of mortgage activity increased to 61% of total applications from 59% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.8% of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.90%, its lowest level since February 2015, from 3.99%, with points decreasing to 0.37 from 0.40 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.89%, its lowest level since January 2015, from 3.94%, with points decreasing to 0.25 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.71%, its lowest level since January 2015, from 3.74%, with points increasing to 0.21 from 0.12 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.
read more: http://www.housingwire.com/articles/33338-mortgage-applications-jump-95-in-mid-march
Wednesday, March 11, 2015
MBA: Mortgage Application Volume Down Slightly
Mortgage application volume dipped 1.3% on an adjusted basis during the week ended March 6, compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, volume decreased 1% compared with the previous week.
Applications for refinances decreased 3% while applications for purchases increased 2%.
On an unadjusted basis, applications for purchases increased 3% compared with the previous week and were 2% higher compared to the same week one year ago.
The refinance share of mortgage activity decreased to 60% of total applications from 62% the previous week.
The slowdown in applications for refinances came as mortgage interest rates increased slightly. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.01%, up from 3.96% the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.02%, up from 3.95%.
read more: http://www.mortgageorb.com/e107_plugins/content/content.php?content.16536
On an unadjusted basis, volume decreased 1% compared with the previous week.
Applications for refinances decreased 3% while applications for purchases increased 2%.
On an unadjusted basis, applications for purchases increased 3% compared with the previous week and were 2% higher compared to the same week one year ago.
The refinance share of mortgage activity decreased to 60% of total applications from 62% the previous week.
The slowdown in applications for refinances came as mortgage interest rates increased slightly. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.01%, up from 3.96% the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.02%, up from 3.95%.
read more: http://www.mortgageorb.com/e107_plugins/content/content.php?content.16536
Tuesday, February 24, 2015
Monday Morning Cup of Coffee: Mortgage app decline alarms analysts
Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on bigger issues.
The slowdown in mortgage purchase applications is weighing on analysts. Mortgage purchase apps have faltered, and that limits upside risk for mortgage rates, according to the analyst team lead by Chris Flanagan at Bank of America/Merrill Lynch.
This last week's sharp drop in the Mortgage Bankers Association purchase index was reminiscent of the early 2014 drop. Remarkably, purchase application volume is at the same level of early 2014, even though mortgage rates are more than 50 basis points lower.
“Recent bear steepening of rates should give way to flattening, driven by front-end weakness due to looming Fed rate hike. The agency basis still has more tightening potential, as supply and prepay risk subside,” Flanagan wrote in a client note.
“We continue to like down in credit, lower dollar priced non-agency RMBS. We think the reduced risk layering in CRT is often overlooked. We revisit our risk score which captures risk layering,” they write.
Flanagan says that strength in the labor market should lead to a mid-year rate hike by the Fed, but he does not see that strength translating into increased demand for purchase mortgages.
“This leads us to reiterate the view we held for most of 2014: housing is not strong enough to absorb meaningfully higher long-term interest rates, including mortgage rates. As a result, we believe longer-term rates remain biased to the downside, even from today's current low levels,” he says. “Upward momentum could drive long-term rates modestly higher over the near term, but, in our view, the fundamental reality of weak mortgage demand will likely halt the rise before long. We think the chances are good that rates settle into a range over the next few months, similar to the range trade on the 10yr in February-April 2014, and that we are currently near the high end of the range. Similarly, we think the recent yield curve steepening is likely to give way once again to a flattener; we still believe the 2yr-10yr spread will be close to zero by mid to late 2016. We are not fazed by the recent short term steepening; the bull flattening was overdone.”
read more: http://www.housingwire.com/blogs/1-rewired/post/33018-monday-morning-cup-of-coffee-mortgage-app-decline-alarms-analysts
The slowdown in mortgage purchase applications is weighing on analysts. Mortgage purchase apps have faltered, and that limits upside risk for mortgage rates, according to the analyst team lead by Chris Flanagan at Bank of America/Merrill Lynch.
This last week's sharp drop in the Mortgage Bankers Association purchase index was reminiscent of the early 2014 drop. Remarkably, purchase application volume is at the same level of early 2014, even though mortgage rates are more than 50 basis points lower.
“Recent bear steepening of rates should give way to flattening, driven by front-end weakness due to looming Fed rate hike. The agency basis still has more tightening potential, as supply and prepay risk subside,” Flanagan wrote in a client note.
“We continue to like down in credit, lower dollar priced non-agency RMBS. We think the reduced risk layering in CRT is often overlooked. We revisit our risk score which captures risk layering,” they write.
Flanagan says that strength in the labor market should lead to a mid-year rate hike by the Fed, but he does not see that strength translating into increased demand for purchase mortgages.
“This leads us to reiterate the view we held for most of 2014: housing is not strong enough to absorb meaningfully higher long-term interest rates, including mortgage rates. As a result, we believe longer-term rates remain biased to the downside, even from today's current low levels,” he says. “Upward momentum could drive long-term rates modestly higher over the near term, but, in our view, the fundamental reality of weak mortgage demand will likely halt the rise before long. We think the chances are good that rates settle into a range over the next few months, similar to the range trade on the 10yr in February-April 2014, and that we are currently near the high end of the range. Similarly, we think the recent yield curve steepening is likely to give way once again to a flattener; we still believe the 2yr-10yr spread will be close to zero by mid to late 2016. We are not fazed by the recent short term steepening; the bull flattening was overdone.”
read more: http://www.housingwire.com/blogs/1-rewired/post/33018-monday-morning-cup-of-coffee-mortgage-app-decline-alarms-analysts
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