MBA: Mortgage Applications Decrease in Latest Weekly Survey

by Bill McBride on three/22/2017 07:00:00 AM

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage capabilities decreased 2.7 % from one week earlier, in response to info from the Mortgage Bankers Affiliation’s (MBA) Weekly Mortgage Capabilities Survey for the week ending March 17, 2017.
… The Refinance Index decreased three % from the sooner week. The seasonally adjusted Purchase Index decreased 2 % from one week earlier. The unadjusted Purchase Index decreased 2 % in distinction with the sooner week and was 5 % elevated than the an identical week one yr prior to now.

The widespread contract fee of curiosity for 30-year fixed-rate mortgages with conforming mortgage balances ($424,100 or a lot much less) remained unchanged at 4.46 %, with components rising to zero.41 from zero.37 (along with the origination fee) for 80 % loan-to-value ratio (LTV) loans.
emphasis added

Mortgage Refinance Index
Click on on on graph for larger image.
The first graph reveals the refinance index since 1990.
Refinance train stays low – and would not enhance significantly besides costs fall sharply.
Mortgage Purchase Index
The second graph reveals the MBA mortgage purchase index.
Even with the rise in mortgage costs over the previous couple of months, purchase train stays to be holding up.
Nonetheless refinance train has declined significantly since costs elevated.