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Mortgage Applications down Nearly 3 Percent Last Week

February 6, 2012 1:28 am

Mortgage applications decreased 2.9 percent last week from the previous week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2012.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9 percent last week on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9.0 percent compared with the previous week. The Refinance Index decreased 3.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 1.7 percent from one week earlier. The unadjusted Purchase Index increased 17.1 percent compared with the previous week and was 4.3 percent lower than the same week one year ago.

The refinance share of mortgage activity decreased to 80.0 percent of total applications from 81.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.6 percent from 5.3 percent of total applications from the previous week.

“The Federal Reserve surprised the market by indicating that short-term rates were likely to stay at their current low-levels until the end of 2014. Longer-term treasury rates dropped in response, and mortgage rates for the week were down slightly as a result,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. Fratantoni continued, “Although total application volume dropped on an adjusted basis relative to last week, refinance volume remains high, with survey participants reporting that the expanded Home Affordable Refinance Program (HARP) contributed to roughly 10 percent of their refinance activity.”

In December 2011, Connecticut had the largest increase in refinance applications, increasing by 80.1 percent from November. Maine saw a 30.8 percent increase in applications for home purchase, which was the largest state-increase in applications for home purchase. Only 12 states had a decrease in home purchase activity in December, while every state in the U.S. saw an increase in refinance volume.

Published with permission from RISMedia.


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