Mortgage Refinance Second
MBA: Mortgage Application Volume Seeing Steady Increase
Mortgage loan applications have seen a steady increase for the second straight week, according to a survey conducted by the Mortgage Bankers Association. In the week ending July 7, the MBA reported that the volume of mortgage loan applications was 566.8, an increase of 1.0 percent on a seasonally adjusted basis from 561.0 one week earlier. Total refinancing applications, however, decreased from 34.0 percent from a 35.0 percent the previous week. ARMs application volume also shared a decrease in activity, inching downward to 28.7 percent of total applications from 29.5 percent last week. The MBA's purchase index saw a 2.6 percent increase, from 414.2 the previous week, while the refinance index decreased by 1.6 percent to 1400.5 from 1423.9 one week earlier. Conducted weekly since 1990, the MBA's weekly survey covers approximately 50 percent of all mortgage originations nationwide.
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Mortgage applications in the United States fell for a second week as a measure of home purchases matched the lowest level since November 2003.
The Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan dropped 1.3% last week to 533.8 from 540.8 the prior week. The gauge of purchase applications declined 2.4% to 389. Higher mortgage rates are slowing home sales after five straight record years. Combined with a slowdown in mortgage refinancing that's been a source of cash for homeowners the past several years, the weakening housing market will weigh on the economy, economists said. Anthony Chan, chief economist at JPMorgan Private Client Services in New York, said that the general trend is undeniably toward a softening in housing, which has been an important anchor for consumer spending.