by Bill McBride on 11/02/2016 07:00:00 AM
Wednesday, November 02, 2016
Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 28, 2016.Click on graph for larger image.
... The Refinance Index decreased 2 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.4 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 9 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 its highest level since June 2016, 3.75 percent, from 3.71 percent, with points decreasing to 0.36 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The first graph shows the refinance index since 1990.
Refinance activity increased this year since rates declined, however, since rates are up a little recently, refinance activity has declined a little.
The second graph shows the MBA mortgage purchase index.
The purchase index was "9 percent higher than the same week one year ago".
Posted by Bill McBride on 11/02/2016 07:00:00 AM