Refinance application share hits eight-year low: MBA

MBA: Mortgage Lending To Hit 14-Year Low In 2014 By Michael Lewis on January 15, 2014 Business has been slow for signing agents in recent months, and that trend is expected to continue.

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U.S. mortgage application activity decreased to its lowest in 2-1/2 years last week as loan requests to refinance an existing home fell to their weakest level since December 2000, the Mortgage.

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Total mortgage application volume fell 4 percent week to week and plunged. Mortgage applications drop to 4-year low as interest rates hit 8-year high. rate of income growth,” said Michael Fratantoni, the MBA's chief economist.. The refinance share of mortgage activity decreased to 39.1 percent of total.

The number of refinance applications dropped 4.3 percent and reached its lowest level in almost 18 years on a seasonally unadjusted basis. Mortgage rates have been steadily increasing with the rate on the 30-year fixed loan – the favorite among homebuyers – hitting an eight-year high of 5.17 percent last week from 5.15, according to the MBA.

Even with lower rates on three of the five surveyed loan types, refinance. The FHA share of total applications ticked up to 9.6 percent from 9.4 percent. The average contract interest rate for 30-year fixed-rate mortgages (FRM). MBA's Weekly Mortgage Applications Survey been conducted since 1990.

Turnover of existing homes fell to an 11-month low in July, while sales of new homes hit a seven-month low. Last week, the average interest rate on conforming 30-year fixed-rate mortgages dipped to 4.11 percent, a fresh nine-month low, from 4.12 percent the prior week, the MBA said.

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mortgage application volume rose 17.7 percent this week compared to one week earlier, according to the latest data from the Mortgage Bankers Association. That. MBA nationwide commercial mortgage.

Rates on home loans have responded by easing from eight-year highs registered in November.. sales of newly built homes in October fell by the most in 10 months and hit a two-year low. Sales of.

Mortgage applications hit 12-year low as refi boom dries up. after the Fed signaled it was preparing to dial back its stimulus program – have "whacked" refinance. to all Inman content.

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