Mortgage applications increased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 17, 2014. The Market Composite Index, a measure of mortgage loan application volume, increased 4.7 percent on a seasonally adjusted basis from one week earlier.
After a sharp drop earlier in the month, mortgage application activity has gained back some ground, as the composite index in the Mortgage Bankers Association’s weekly survey gained 2.4% during the week that ended July 18.
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The CPI less food and energy, also called core inflation, increased 0.2% (1.9% annualized rate) on a seasonally adjusted basis, after 3 months of consecutive 0.1% montlhy gains. According to the Federal Reserve Bank of Cleveland , the median Consumer Price.
The average contract interest rate for 5/1 ARMs increased to 3.22%, the highest level since January 2014, from 3.09%, with points decreasing to 0.32 from 0.38 (including the origination fee) for.
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Mortgage applications fell 3% last week as purchases fell 2% and refis fell 5%. Activity overall has fallen to a 19 month low. The refi index has is at an 18 year low. Mortgage credit availability increased in July, although it tightened for government loans.
The recent uptick in interest rates has led the refi market to cool off slightly compared to this time last year. The downturn may leave financial marketers wondering how to adjust their refinance marketing tactics to increase conversions.
Figure 1: Allegheny County Application and Origination Activity Figure 2: Allegheny County Originations by Loan Purpose The other major component of loan activity is home purchases. This volume, while increasing in the early 1990s, was relatively flat until 2006, which began a 5-year period of decline and a 48 percent drop in volume.
The adjustable-rate mortgage (ARM) share of activity increased to 7.4 percent of total applications. The FHA share of total applications increased to 10.3 percent from 10.2 percent the week prior. The VA share of total applications decreased to 10.4 percent from 10.7 percent the week prior.
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According to the Mortgage Bankers Association, the seasonally adjusted index of mortgage application activity increased 8.4% in the week ended June 5, the first increase in seven weeks. Refinancing applications gained more than 7% while purchase applications were up almost 10%, although applications for new home mortgages were down 9% in May.