Tag Archives: Purchase Loans

After falling throughout May, mortgage application volume rose for the first week of June, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of loan application volume, increased 5.0 percent for the week ending June 7, MBA reported. Unadjusted, the index rose 16 percent. The previous week's results included an adjustment for the Memorial Day holiday. The increase in application volume came despite continued rises in rates.

According to Capital Economics' data, total mortgage application volume fell 2.0 percent from April to May, the first monthly drop since February and the biggest decline since January.

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.

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.

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.

According to MBA's Weekly Mortgage Applications Survey, applications dropped 7.3 percent for the week ending May 10.

Many of today's would-be owners are woefully unprepared and misinformed when it comes to taking out a mortgage, Zillow discovered in a recent survey.

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.

The Market Composite Index in the Mortgage Bankers Association's (MBA) weekly applications survey rose 1.8 percent for the week ending April 26.

Purchase loan share picked up more ground in March as mortgage rates climbed further, according to the latest Origination Insight Report from Ellie Mae.