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Tag Archives: Mortgage Applications

Mortgage Applications Fall as Refinance Volume Crashes

Mortgage refinance applications went into free-fall last week as interest rates came back up, according to data in the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of loan application volume, dropped 13.5 percent on a seasonally adjusted basis for the week ending September 6. The Refinance Index fell 20 percent week-over-week, bringing it to its lowest level since June 2009.

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Low Refinance Activity Brings Down Application Volume

Mortgage application volume dropped 4.6 percent for the week ending August 16, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. Refinances took a major tumble, with the Refinance Index seeing an 8 percent week-over-week decline. According to the association, the index has dropped 62.1 percent from the recent peak reached during the week ending May 3. The refinance share of total mortgage activity, meanwhile, fell to 62 percent from 63 percent the week prior.

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More Older Americans Submitting Online Mortgage Applications

A growing number of older Americans are applying for mortgage loans online, according to a recent survey from Mortgage Marvel. Thirty-five percent of mortgage applicants are past the age of 50, according to the survey of more than 650,000 applications submitted to more than 1,100 lenders in 2012. "[P]lenty of older Americans are computer savvy and very willing to pursue major transactions, such as mortgage applications, on the Internet," said Mortgage Marvel COO Rick Allen.

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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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