Market Composite Index: (loan application volume) a measure of mortgage loan application volumedecreased 5.6 percent from one week earlier
Refinance Index: Refinance Index decreased 0.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 13.6 percent to its lowest level since February 25, 2011, driven by a 26.6 percent decrease in government purchase applications.
Purchase Index: decreased 12.8 percent compared with the previous week and was 28.8 percent lower than the same week one year ago.
Refinance Share of Mortgage Activity: increased to 61.6 percent of total applications from 58.5 percent the previous week. This is the highest refinance share of the month
Arm Share: remained unchanged from the previous week at 6.5 percent of total applications.
MBA outlook: (Excerpted from mbaa.org)
Purchase applications fell last week, driven primarily by a sharp decrease in government purchase applications as new, higher FHA premiums went into effect, said Michael Fratantoni, MBAs Vice President of Research and Economics. This decrease reverses a 20 percent increase in government purchase applications over a four week period, which was likely driven by borrowers attempting to beat this deadline
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