From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 14, 2014. This week’s results included an adjustment for the Veterans Day holiday. …
The Refinance Index increased 1 percent from the previous week. The seasonally adjusted Purchase Index increased 12 percent from one week earlier to the highest level since July 2014.
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.18 percent from 4.19 percent, with points decreasing to 0.24 from 0.26 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.
The first graph shows the refinance index.
The refinance index is down 70% from the levels in May 2013.
Even with the recent slight small increase in activity – as people who purchased in the last year or so refinance – refinance activity is very low this year and 2014 will be the lowest since year 2000.
The second graph shows the MBA mortgage purchase index.
According to the MBA, the unadjusted purchase index is down about 6% from a year ago.