MBA: Mortgage Refinance Applications Increase in Latest MBA Weekly Survey - InvestingChannel

MBA: Mortgage Refinance Applications Increase in Latest MBA Weekly Survey

From the MBA: Refinance Applications, Share Increase in Latest MBA Weekly Survey

Mortgage applications increased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 1, 2014. …

The Refinance Index increased 4 percent from the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.35 percent from 4.33 percent, with points decreasing to 0.22 from 0.24 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added

Mortgage Refinance Index Click on graph for larger image.

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.

Mortgage Purchase IndexThe second graph shows the MBA mortgage purchase index.  

According to the MBA, the unadjusted purchase index is down about 14% from a year ago.

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