Drop in Refinancing Curtails Application Volume - Real Estate ...

Posted by: in Home Mortgage Online, tags: Application Volume, Borrowers, Composite Index, Driven, Excerpt, Fannie Mae, Freddie Mac, Government Loans, Harp, June 29, Loan Application, Mba, Mortgage Applications, Mortgage Bankers Association, Mortgage Volume, Percentage Point, Purchase Index, Refinance, Refinancing Loans, Weekly Mortgage

Brian Montgomery wrote an interesting post today on
Here?s a quick excerpt
The Mortgage Composite Index, a measure of loan application
volume, was down 6.7 percent on a seasonally adjusted basis and 6.6 percent
unadjusted during the week ended June 29 compared to the week ended June
22.? The Mortgage Bankers Association
(MBA) released the Composite and other results of its weekly Mortgage
Applications Survey this morning.
The decrease in mortgage volume was attributed to a drop of
8 percent in the Refinance Index which was in turn driven by a drop in
applications for government-backed refinancing loans. ?The share of refinancing applications was 78
percent of all applications, down one percentage point from the previous
week.? Applications for HARP refinancing
which is available only to current Freddie Mac and Fannie Mae borrowers have represented
a quarter of all refinancing applications for the last two weeks.
The seasonally adjusted Purchase Index was up one percent
from the previous week.? The unadjusted
Purchase Index rose only slightly from the previous week and was down 7 percent
from the [...]

Read the rest of this great post here

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Source: http://www.realestatemortgageonline.com/9725/drop-in-refinancing-curtails-application-volume/

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