Tag Archives: Purchase Loans

The percentage of purchase loans finally eclipsed the share of refinances in July, according to Ellie Mae's Origination Insight Report for the month. The data sampled shows the mix of purchase loans to refinances was 53 percent versus 47 percent in July--the largest percentage of purchase loans since Ellie Mae began tracking in August 2011 and also the first time purchase share has crossed the 50 percent threshold in at least two years. Also notable was an increase in the share of adjustable-rate mortgage loans as fixed rates climb.

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.

Recent increases in mortgage rates have CoreLogic asking the question, "Will rising rates lead to declining originations?" When it comes to purchases, CoreLogic economists say in a recent report, "Though mortgage interest rates have recently risen, CoreLogic does not expect any significant slowing in purchase origination volumes." In contrast, "[t]he greatest impact of increasing interest rates on the mortgage originations market will be felt on refinance volumes."

According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, loan application volume decreased 4.7 percent for the week ending August 9.

Mortgage application volume declined last week at a more sudden rate than in previous weeks, according to data from the Mortgage Bankers Association (MBA).

The Mortgage Bankers Association (MBA) revised its economic forecast down and its mortgage originations and mortgage rate forecasts up in its most recent outlook released Thursday. Having previously announced a 2.4 percent economic growth forecast for the second half of this year, MBA now believes economic growth will be closer to 2.2 percent. At the same time, the association's forecast for originations has risen to about $606 billion, an improvement over the original prediction of $527 billion.

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.

Mortgage application volume remains on the decline, according to the latest data from the Mortgage Bankers Association (MBA).

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.

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.