by Calculated Risk on 1/24/2018 07:00:00 AM
Wednesday, January 24, 2018
Mortgage applications increased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 19, 2018. This week’s results included an adjustment for the MLK Day holiday.Click on graph for larger image.
... The Refinance Index increased 1 percent from the previous week. The seasonally adjusted Purchase Index increased 6 percent from one week earlier to its highest level since April 2010. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 7 percent higher than the same week one year ago. ...
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since March 2017, 4.36 percent, from 4.33 percent, with points remaining unchanged at 0.54 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The first graph shows the refinance index since 1990.
Refinance activity will not pick up significantly unless mortgage rates fall well below 4%.
The second graph shows the MBA mortgage purchase index.
The weekly index is at the highest level since April 2010 (The 4-week average is still below the peak of last year).
According to the MBA, purchase activity is up 7% year-over-year.
Posted by Calculated Risk on 1/24/2018 07:00:00 AM