A survey of gross mortgage applications increased, while a second survey measuring household activity declined last week. The Mortgage Bankers Association (MBA) survey of gross applications increased 8.2% for the week ending October 30, compared to the previous week. Mortgage Maxx’s survey, which adjusts gross mortgage volume to account for the number of households submitting applications, decreased 6%. MBA’s refinance index increased 14.5% from the previous week and the purchase index decreased 1.8%. Refinance mortgages took a 66.1% share of total applications, the MBA said, up from 62.3% the previous week. Adjustable-rate mortgages (ARMs) decreased to 6.1% from 6.9%. Write to Austin Kilgore.
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In early April, HousingWire Columnist Logan Mohtashami wrote about five indicators that would show when “America is back.” Now, he’s checking in on each data point to see where the U.S. housing market stands.
Engaging with the data, even soft data like surveys of opinion gives us reliable hints into what to expect in specific segments of the economy and what parts are going to recover faster.