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Tag Archives: Mortgage Applications

Application Volume Down as Refi Volume Freefalls

Mortgage refinance applications continued to suffer last week as mortgage rates climbed to their highest level in a year, the Mortgage Bankers Association (MBA) reported in its Weekly Applications Survey. The survey's Market Composite Index, a measure of mortgage loan application volume, declined a seasonally adjusted 8.8 percent for the week ending May 24, MBA reported. Unadjusted, the index dropped 9 percent week-over-week. The Refinance Index decreased 12 percent, the largest single-week drop in refinance volume so far this year.

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Mortgage Applications Decline as Refis Nosedive

Mortgage applications continued on a downward slope last week, with refinance volume falling to its lowest level in months, according to the Mortgage Bankers Association's (MBA) Weekly Applications Survey. The survey's Market Composite Index, a measure of mortgage loan application volume, dropped 9.8 percent on a seasonally adjusted basis for the week ending May 17, MBA reported. The Refinance Index decreased 12 percent week-over-week--the fastest weekly drop this year.

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Closing Rates Fall in April as Purchase Loans Gain Greater Share

According to Ellie Mae's findings, purchase loans made up 42 percent of loans closed in April, up from 38 percent in March, while refinances represented 58 percent. According to Ellie Mae president and COO Jonathan Corr, the last time purchase loans broke the 40 percent mark was July 2012. Among purchase loans, the closing rate was about 58.2 percent, while the rate for refinances was 50.5 percent. The overall closing rate for loans analyzed in the sample was 53.2 percent, a pull back from March.

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Despite Slower Home Sales, Mortgage Demand Is Rising

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Home sales declined in March, but demand for mortgage credit increased, according to the US Housing Market Monthly from Capital Economics. Recently, the Fed reported an increase in home purchase applications in April, and credit "loosened a touch," the report stated. The firm maintains an overall positive outlook on the market despite the small decline in March sales and quashes any concerns of another bubble forming. In fact, Capital Economics calculated it could take "until 2017 for housing to return to fair value."

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Gains in Mortgage Applications Point to Sustainable Trend

After examining mortgage application data throughout April, Capital Economics sees "mounting evidence that mortgage-dependent buyers are starting to play a fuller role in the housing market recovery." Compiling information provided by the Mortgage Bankers Association (MBA), Capital Economics found that total application volume was up 3.5 percent from March to April. In its latest Weekly Mortgage Applications Survey (for the week ending May 3), MBA reported a 7.0 percent increase in applications.

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