Tag Archives: Purchase Loans

Mortgage application volume continued to decline last week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 15. The survey's Market Composite Index, a measure of application volume, fell 1.7 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index fell 1.0 percent. According to the MBA's measure, the average contract interest rate for a 30-year fixed-rate mortgage was 3.78 percent last week, the highest rate since August 2012.

Refinance loan share jumped to its highest level in at least a year and a half, according to Ellie Mae's Origination Insight Report for January 2013. According to the report, refinances made up 73 percent of loans closed in January--the highest level recorded since Ellie Mae began tracking the data in August 2011. January's refinance figure is 4 percentage points higher than December's. Despite the rise in refinance share, the time it took to close a refinance loan declined in January, falling to 54 days.

Mortgage applications dipped last as long-term rates reached a five-month high, according to the Mortgage Bankers Association (MBA). MBA's weekly Market Composite Index showed a 6.4 percent drop for the week ending February 8. On an unadjusted basis, the index was down 5 percent. After showing some strength in the previous week, purchase application activity also dropped, falling by an adjusted 10 percent (or an unadjusted 4 percent). Year-over-year, however, volume was still up 15 percent.

Loan originators saw a 21.9 percent rise in the number of "locked-in" loans last week, according to Optimal Blue and Mortgage Daily.

Mortgage applications saw a slight bump in the recent holiday week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of mortgage loan application volume, increased 3.4 percent on a seasonally adjusted basis for the week ending February 1. Capital Economics also issued its data for mortgage application activity throughout January, observing that application volume for purchase loans was the strongest it's been in a year and a half.

Mortgage applications declined for the week ending January 25, according to application data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of application volume, decreased 8.1 percent week-over-week on a seasonally adjusted basis, the association reported. The results include an adjustment for the Martin Luther King holiday. After reaching a two and a half year high last week, purchase applications also dipped.

Applications for purchase loans reached their highest level since 2010 last week, the Mortgage Bankers Association (MBA) reported Wednesday. The group's Weekly Mortgage Applications Survey for the week ending January 18 showed overall application volume was up a seasonally adjusted 7 percent from the prior week. On an unadjusted basis, application volume was up about 8 percent. The rise in applications comes despite a slight rise in interest rates.