by Bill McBride on 11/11/2015 09:02:00 AM
Wednesday, November 11, 2015
MBA: Mortgage Refinance Applications Decrease in Latest Weekly Survey, Purchase Applications up 18% YoY
Mortgage applications decreased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 6, 2015.Click on graph for larger image.
The Refinance Index decreased 2 percent from the previous week. The seasonally adjusted Purchase Index increased 0.1 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 18 percent higher than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.12 percent, its highest level since August 2015, from 4.01 percent, with points decreasing to 0.45 from 0.47 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The first graph shows the refinance index.
Refinance activity remains low.
2014 was the lowest year for refinance activity since year 2000, and refinance activity will probably stay low for the rest of 2015.
The second graph shows the MBA mortgage purchase index.
According to the MBA, the unadjusted purchase index is 18% higher than a year ago.
Posted by Bill McBride on 11/11/2015 09:02:00 AM