MBA: Mortgage Applications Increased in Latest Weekly Survey

Oct 09 11:10 2019 Print This Article

From the MBA: Mortgage Applications Increase in Latest MBA Weekly SurveyMortgage applications increased 5.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 4, 2019.... The Refinance Index increased 10 percent from the previous week and was 163 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 10 percent higher than the same week one year ago....“U.S. Treasury rates moved sharply lower last week, as data showing weakness in the services sector was a sign that slowing economic growth is not confined to the manufacturing sector. This in turn caused a flight to safety by investors, resulting in mortgage rates dropping across the board, with the 30-year fixed rate decreasing nine basis points to 3.9 percent – the lowest level in a month,” said Joel Kan, Associate Vice President of Economic and Industry Forecasting. “As seen a few times this year, the large drop in rates caused another surge in refinance applications. The refinance index increased 10 percent to its highest level since late August, with both conventional and government refinances experiencing an upswing.”Added Kan, “Purchase activity was muted, declining almost 1 percent, but was still 10 percent higher than a year ago. Despite low rates, the cloudier economic outlook and ongoing market uncertainty may be keeping some potential homebuyers away from the market this fall.”...The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 3.90 percent from 3.99 percent, with points decreasing to 0.37 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.emphasis added

Read More

About Article Author

Calculated Risk

A full time blogger, Bill McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

  Categories:

Related Items

US Open – China GDP falls to 6%, Turkey’s win, Brexit Vote looms, Oil rises, Gold stuck in range

US stocks and the dollar little changed in early Friday trade despite a worse than expected third-quarter GDP reading from China and heightened uncertainty regarding how Brexit will unfold over the weekend and a temporary cease-fire between Turkey and Syria.  Asian markets sold off after China’ ...

Macro Briefing | 18 October 2019

Turkey agrees to temporarily halt military operations in Syria: WSJUK Parliament expected to reject Johnson’s new Brexit deal on Saturday: CNBCChina’s Q3 annual economic growth slows to 6.0%–lowest in decades: CNBCA variety of financial risks from climate change are lurking: SF FedHousing sta ...

Tech Talk for Friday October 18th 2019

  European and Emerging Markets move higher Short term breakouts by the Eurozone ETF and the Emerging Markets ETF! Weakness in the U.S. Dollar contributed to their strength   StockTwits released yesterday @EquityClock India ETN $PIN moved above $24.49 extending an intermediate uptrend. Blackro ...

China growth below forecast

  Worst growth on record The Chinese economy grew 6.0% y/y in the third quarter, a slowdown from Q2’s +6.2% and the weakest growth on record going back to 1995. Quarter-on-quarter growth slowed to 1.5% y/y but was in line with economists’ estimates. In the subsequent press conference, the Sta ...

Scary Like Monday Morning

Most of us are probably not as enthused by Monday mornings, as we are waking up late on Sunday mornings; let’s be honest. Another five days, (plus emails and productive out of hours “conference calls”), of graft at the dystopian coal face of the financial markets, lies ahead. Not being a pur ...

US Open – Brexit Deal Rally seems short-lived, Earnings, Oil, Gold, Bitcoin

It was not expected to happen today, but a Brexit deal got hammered out.  PM Boris Johnson got the job done and now he needs to survive the Parliamentary arithmetic.  Johnson needs 320 votes to get his deal through the House of Commons.  Johnson will have just under 259 votes in the bag as Cons ...

Is Your Investment Strategy Making Unintentional Factor Bets?

Factor investing has become a core part of the investment zeitgeist over the last decade or so, but as a practical matter investors sometimes have a hard time exploiting these risk factors in portfolios. That’s the conclusion of a recent study by BlackRock that analyzes 10,000 portfolios. That ...