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Tag Archives: Mortgage Applications

Refi-Dominated Market Giving Way to Purchases

The originations market has been dominated by refinances for some time, but purchases are beginning to make a comeback, according to Ellie Mae's latest Origination Insight Report. Refinances made up just over half the market in June, with 51 percent of loan applicants seeking refinances. This is down from 58 percent in May and 54 percent in June of last year. Purchases closed one day faster than refinances in June (46 days compared to 47), though both categories took longer to close in June than they did in May, according to the report.

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Mortgage Application Volume Drops 2.6%

Mortgage applications fell another 2.6 percent (seasonally adjusted) for the week ending July 12, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey.

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Mortgage Credit Availability Up Slightly

Mortgage lending standards loosened slightly in June, according to the Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI). The index, which analyzes data from AllRegs Market Clarity, increased to 109.8, a gain "primarily driven by a small uptick in the number of products which offer a cash-out feature. There were also small increases in the number of jumbo, investor, and higher LTV [loan-to-value ratio] offerings," the association said in a release.

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Refinance Applications Fall as Rates Rocket


Mortgage applications continued to fall last week following a sizable spike in interest rates, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. The Refinance Index fell 5 percent from the previous week, dipping to its lowest level since November 2011. The refinance share of total mortgage activity also declined, falling to 67 percent--the lowest level since July 2011. Meanwhile, the seasonally adjusted Purchase Index actually rose, increasing 2 percent.

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Mortgage Applications Resume Downward Spiral

After coming back for a short period, mortgage applications resumed their downward trend in June's second week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of loan application volume, fell 3.3 percent on a seasonally adjusted basis for the week ending June 14. On an unadjusted basis, the index dropped 4 percent compared with the previous week. At the same time, mortgage rates continued to increase.

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