by Bill McBride on 11/12/2014 07:01:00 AM
Wednesday, November 12, 2014
Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 7, 2014. ...Click on graph for larger image.
The Refinance Index decreased 2 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.19 percent from 4.17 percent, with points increasing to 0.26 from 0.22 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The first graph shows the refinance index.
The refinance index is down 71% from the levels in May 2013.
Even with the recent slight small increase in activity - as people who purchased in the last year or so refinance - refinance activity is very low this year and 2014 will be the lowest since year 2000.
The second graph shows the MBA mortgage purchase index.
According to the MBA, the unadjusted purchase index is down about 11% from a year ago.
Posted by Bill McBride on 11/12/2014 07:01:00 AM