by Calculated Risk on 7/24/2013 07:03:00 AM
Wednesday, July 24, 2013
MBA: Mortgage Applications decrease slightly in Latest Weekly Survey
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
The Refinance Index decreased 1 percent from the previous week driven by a 12 percent drop in the Government Refinance index while the Conventional Refinance index rose by 2 percent. The Refinance Index is at the lowest level since July 2011. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier.
...
The refinance share of mortgage activity remained unchanged at 63 percent of total applications.
...
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.58 percent from 4.68 percent, with points decreasing to 0.40 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
![Mortgage Refinance Index](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3W4WzSM7pjgRVpXjokrk2fMbi83djPwdp5Hjb43uu-srHNqrONUuZ53qZnnfYEVy9WG6590y7rHBbt2ChNDztxiouwTWKmoPetJBjvVk0hHq8WmF36jj1D0JrFMJD_wGFQI2D/s320/MBARefiJuly232013.jpg)
The first graph shows the refinance index.
With 30 year mortgage rates above 4.5%, refinance activity has fallen sharply, decreasing in 10 of the last 11 weeks.
This index is down 55% over the last eleven weeks.
![Mortgage Purchase Index](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKW5zQbDoAtAxqw_Qsnc6qF18dsPnd9Nbhxc6wNht6oaIdr-hwvzlbtt1ZsWVxQlcY8Pzi0s82B0EvAZtIeEmxJLTlLWoYaFRqLnFuCgBTJf1TIbVgtmOjEihldgJrEJk8KD6g/s320/MBAJuly2232013.jpg)