Application volume is flat as refinance activity slows

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Mortgage applications in the United States dropped 2.4 percent in the week ended July 5th 2019, following a 0.1 percent decline in the previous week, data from the Mortgage Bankers Association showed. Refinance applications fell 6.5 percent while applications to purchase a home rose 2.3 percent.

Mortgage Application Activity and Rates Nearly Flat in Latest MBA Weekly Survey Jul 25, 2018. CONTACT:. a measure of mortgage loan application volume, decreased 0.2 percent on a seasonally adjusted basis from one week earlier.. The Refinance Index increased 1 percent from the previous week.

Loan Application Defects Increase as Refinance Applications Decrease. part of the overall decline in risk has been due to the recent dominance of refinance activity relative to purchase.

Cash Out Refinance? The refinance share of mortgage activity decreased to 47.8 percent of total applications, its lowest level since August 2017, from 49.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since March 2017, 4.41 percent.

Refinancing slowed by 8.0% from the previous week, according to the Mortgage Bankers Association. The refinance share of mortgage activity also fell to 79% of applications, a slim 1% decline from the prior week. The adjustable rate mortgage (ARM) share of activity is about 4% of applications as consumers opt for low fixed rate mortgages.

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Refinance mortgage applications accounted for 58.7% of total application volume, down from 63.2% in the previous week. That’s the lowest share of refinance loans since the week ending August 28.

What’s more surprising, perhaps, is that more Americans are also trying to refinance. Refi application activity over the past four weeks was about 5% higher than in the same period last year.

Mortgage application activity flat, but FHA refi volume soars Mortgage application activity was virtually flat from one week earlier, down just 0.1%, although there was a huge gain in Federal Housing Administration refinance volume, according to the Mortgage Bankers Association.

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Because of this, I think mortgage rates will be flat in the coming week. the market composite index – a measure of total.

A year later, $1.7 trillion in origination volume is expected, with refis flat from a year earlier and purchases rising again to $1.3 trillion. By 2020, the refi share will have dropped to just 23% of total applications, down from around 50% in 2016 and 36% this year.