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MBA Reports a Decline of 8.9% in Mortgage Loan Applications

by the zac team at Ponce Realty

Hello neighbors,

According to recent reports from the Mortgage Bankers Association (MBA), mortgage loan applications experienced a decline in numbers by 8.9% last week.

The MBA reported a decline in the refinance index for the second consecutive week after a month and a half of consecutive increases with a 10.8% decrease from the week prior.

In addition, the MBA reported a decline of 0.4% with the seasonally adjusted purchase index as well as the unadjusted purchase index with a drop of 21.9% from the week before, and is 39.7% below the previous year's number.

In relation to the four-week moving averages, there was a 0.8% drop in the seasonally adjusted market index and a 2% increase in the purchase index with the refinance index being off by 1.4%.

Lastly, refinancing applications made up 80.5% of all the mortgage applications last week which was actually down from 81.9% a week earlier.

Mortgage Refi Rates Hit their Highest Levels Since Last Spring

by the zac team at Ponce Realty

Hello neighbors,

According to a recent survey by the Mortgage Bankers Association (MBA), the act of mortgage refinancing rose 17.1% last week. With the recent rise, mortgage refinancing make-up 81.4% of the total number of mortgage applications.

This number has also proven to be at its highest level since May 2009 as well as the refinancing share of overall mortgage applications being at its highest since last January.

As many who follow the real estate market may recall, mortgage rates began hitting all time lows during the early part of the year and continue to break records with 15-year fixed rate mortgages currently below 4% and 30-year fixed rates averaging between 4.25% -4.5%.

In addition, there was a 13% rise in the MBA's seasonally adjusted market composite index in comparison to the previous week. As for the seasonally adjusted purchase index, there was a decline of 3.4% when compared to the previous week and 38.6% lower than last year's number.

MBA Reports Show a 6.7% Rise in Weekly Mortgage Applications

by the zac team at Ponce Realty

Greetings neighbors,

According to recent numbers from the Mortgage Bankers Association (MBA), the amount of weekly mortgage applications submitted for the week ending July 2nd rose 6.7%.

In addition, the amount of submitted applications for refinance increased to it's highest volume in over a year to 9.2%. This number hasn't been this high since May 2009. This rise in the interest of refinance has bumped the refi share of total applications to 78.7% from the previous week's number of 76.8%.

Even though the volumes of mortgage and refinance apps experienced a rise, there was a decrease in the amount of applications submitted for purchase mortgages which well 2%. This proved to be the 8th decline in the last nine weeks.

As for adjustable rate mortgages, the volume of applications also experienced a rise from the previous week's number of 4.7% to 5.4%.

Displaying blog entries 1-3 of 3

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272

 

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