Origination/Lending
Mortgage Apps Scratching 5-Month Low; Weakening Demand for Purchase Apps Seen
By: PAUL JACKSON
July 25, 2007
related
According to the MBA’s latest Weekly Mortgage Applications Survey, mortgage application volume dropped 3.6 percent in the week ended July 20 — the Market Composite Index used to track aggregate application activity dropped to 609.0, near a 5-month low.
A steep drop in purchase applications appears to be to blame here, with the Purchase Index dropping 5.0 percent from one week earlier; refinance applications dropped less sharply, falling 1.6 percent, according to the MBA.
Refinance share of mortgage activity increased to 38.5 percent of total applications from 37.7 percent the previous week, reflecting moreso the drop in purchase applications than an increase in refinance applications. ARM share of activity remained unchanged at 21.0 percent of total applications from the previous week, the MBA said.
Update: Reuters caught on to the trending information here, noting that the composite index is the lowest its been since mid-February.
recent stories by department
Origination/Lending
Secondary Market/Investors
newsletter signup
Join more than 3,000 bold subscribers who already get HW's daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.
Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
2008 Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
The annual conference for MBA members and affiliates, and the largest industry event each year.
