MBA: Applications For Refinances Fall To Lowest Level Since 2009

Posted by Patrick Barnard on February 08, 2017 No Comments
Categories : Residential Mortgage

Mortgage application volume increased 2.3% on an adjusted basis during the week ended Feb. 3, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances increased 2% compared with the previous week, while applications for purchases increased 6%.

On an unadjusted basis, total volume increased 6% compared with the previous week. Applications for purchases increased 9%, on an unadjusted basis, and increased 4% compared with a year earlier.

The refinance share of mortgage activity decreased to 47.9% of total applications – its lowest level since June 2009. That’s down from 49.4% the previous week.

The average rate for a 30-year, fixed-rate mortgage (FRM) was 4.35%, down from 4.39%.

The average rate for a 30-year jumbo FRM was 4.27%, down from 4.32%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 4.16%, down from 4.17%.

The average rate for a 15-year FRM was 3.55%, down from 3.61%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.39%, up from 3.33%.

The ARM share of activity increased to 6.9% of total applications.

Looking at the government loans, applications for mortgages backed by the FHA represented about 11.9% of all applications – down from 12.1% the week prior. The Veterans Affairs share was 12.7%, up from 12.4%, while the U.S. Department of Agriculture share remained unchanged at 0.9%.

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