by Bill McBride on 1/28/2015 07:01:00 AM
Wednesday, January 28, 2015
Mortgage applications decreased 3.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 23, 2015. This week’s results include an adjustment to account for the Martin Luther King holiday. ...Click on graph for larger image.
The Refinance Index decreased 5 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.1 percent from one week earlier.
The FHA share of total applications increased to 9.1 percent this week from 8.0 percent last week. ...
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.83 percent from 3.80 percent, with points decreasing to 0.26 from 0.29 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The first graph shows the refinance index.
2014 was the lowest year for refinance activity since year 2000.
It looks like 2015 will see more refinance activity than in 2014, especially from FHA loans!
The second graph shows the MBA mortgage purchase index.
According to the MBA, the purchase index is up 1% from a year ago.
Posted by Bill McBride on 1/28/2015 07:01:00 AM