Wednesday, April 13, 2016

MBA: "Mortgage Apps Jump 10% in Latest MBA Weekly Survey"

by Bill McBride on 4/13/2016 07:00:00 AM

From the MBA: Mortgage Apps Jump 10% in Latest MBA Weekly Survey

Mortgage applications increased 10 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 8, 2016.
The Refinance Index increased 11 percent from the previous week to its highest level since February 2016. The seasonally adjusted Purchase Index increased 8 percent from one week earlier its highest level since October 2015. The unadjusted Purchase Index increased 9 percent compared with the previous week and was 24 percent higher than the same week one year ago.
emphasis added
Mortgage Refinance Index Click on graph for larger image.

The first graph shows the refinance index since 1990.

Refinance activity was higher in 2015 than in 2014, but it was still the third lowest year since 2000.

Refinance activity is picking again with lower rates.

Mortgage Purchase Index The second graph shows the MBA mortgage purchase index.  

According to the MBA, the unadjusted purchase index is 24% higher than a year ago.