How far can lenders push the credit box?

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers

Freddie Mac CEO: We will help increase mortgage lending

Competition among two is still competition
W S

Mortgage applications drop 9.6% as refinancing surge dies down

/ Print / Reprints /
| Share More
/ Text Size+
The number of mortgage applications filed by Americans fell 9.6% this past week after experiencing a dramatic surge in volume on low interest rates and refinancing activity. The Mortgage Bankers Association's market composite index – a measure of loan volume – fell 9.6% on a seasonally adjusted basis from a week earlier. On an unadjusted basis, the index fell 10% from the previous week. Refinancing activity, which buoyed loan application levels in recent weeks, died down with the refinance index falling 12.2% from a week ago. The seasonally adjusted purchase index, meanwhile, grew a slight 0.9%. "Accounting for the increase in average points paid, effective mortgage rates were little changed last week.  Refinance application volume declined for a second week from recent highs, despite rates staying near a 10-month low, while purchase volume remained near 15-year lows," said Mike Fratantoni, vice president of research and economics for the MBA. The refinance share of mortgage activity remained high at 77.8% of total applications, down from 79.8% the previous week. The adjustable-rate mortgage share of activity increased to 7.1% from 6.2% of total applications a week ago. Mortgage rates continued to fall with the 30-year, fixed-rate mortgage dropping to 4.32% from 4.39%. The average rate for the 15-year, FRM decreased to 3.49% from 3.56%. Write to: Kerri Panchuk.

Recent Articles by Kerri Panchuk

Comments powered by Disqus