by Calculated Risk on 7/23/2014 07:01:00 AM
Wednesday, July 23, 2014
Mortgage applications increased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 18, 2014. ...Click on graph for larger image.
The Refinance Index increased 4 percent from the previous week. The seasonally adjusted Purchase Index increased 0.3 percent from one week earlier. ...
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 4.33 percent, with points increasing to 0.23 from 0.20 (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 74% from the levels in May 2013.
As expected, refinance activity is very low this year.
The second graph shows the MBA mortgage purchase index.
According to the MBA, the unadjusted purchase index is down about 15% from a year ago.
Posted by Calculated Risk on 7/23/2014 07:01:00 AM