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Mortgage Bankers Weekly Update: Mortgage Applications Decrease
 
Mortgage Bankers Association for the week of  4/13/2010 Market Composite Index: (loan application volume) a measure of mortgage loan application volume, decreased 6.7 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 6.3 percent compared with the previous week. Refinance Index: decreased 7.7 percent to its lowest level since February 11, 2011. Purchase Index: The seasonally adjusted Purchase Index decreased 4.7 percent from one week earlier. Refinance Share of Mortgage Activity: decreased to 60.3 percent of total applications from 61.2 percent the previous week. This is the lowest refinance share since May 7, 2010. Arm Share: decreased to 5.9 percent from 6.1 percent of total applications from the previous week. MBA outlook: (Excerpted from mbaa.org)   Mortgage originations We expect declines in refinance activity will be the primary factor impacting our originations forecast for the full year 2011, with total mortgage originations decreasing to   $1 trillion in 2011. However, we have increased our forecast for refinance originations given the dip in rates associated with global uncertainties.  Increases in purchase originations will not be enough to offset the drop in refinances over the year, as mortgage rates reach 5.5 percent by the ... more

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