Adverse weather and a holiday-shortened week produced mixed results in two weekly mortgage application surveys. The Mortgage Bankers Association (MBA) survey of gross mortgage application volume dropped 8.5% on a seasonally adjusted basis for the week ending February 19, compared to one week ago. But the Mortgage Maxx index that’s adjusted to reflect the number of households applying for mortgages increased 6.5%. The 15-point swing between the two surveys is unusual, but not unprecedented. The Mortgage Maxx index was adjusted to reflect the holiday-shortened week. The MBA survey was not. However, the MBA said the rash of extreme winter weather impacted results. “As many East Coast markets were digging out from the blizzard last week, purchase applications fell, another indication that housing demand remains relatively weak,” said Michael Fratantoni, MBA’s vice president of research and economics. “With home prices continuing to drift amid an abundant inventory of homes on the market, potential homebuyers do not see any urgency to lock in purchases.” MBA’s refinance index decreased 8.9% from the previous week and the purchase index was also down 7.3%, putting the later at its lowest level since May 1997. Refinance mortgages took a 68.1% share of all application business, down from 69.3% last week. Adjustable-rate mortgages increased to 4.7% from 4.4% a week ago. Write to Austin Kilgore.
Gross Mortgage Application Volume Declines 8.5%: MBA
Most Popular Articles
Latest Articles
Selling your home to a family member in 5 easy steps
Selling your home to a family member can be beneficial but requires careful planning and transparent communication. Follow these five steps to ensure a smooth transaction, from agreeing on logistics and assembling a professional team to determining your home’s value and understanding tax implications.
-
FOA reverse stock split goes into effect, appears to have intended impact
-
Senate Aging Committee leaders introduce bill on aging in place
-
HousingWire Pulse: Respondents show cautious optimism about the Q3 housing market
-
US Senate committee approves full funding for Ginnie Mae
-
Connecticut Senator asks HUD for answers on backlog of discrimination complaints