Weekly Mortgage Market Update; Mortgage Bankers Association
Market Composite Index: (loan application volume) On an unadjusted basis, the Index increased 95.7 percent compared with the previous week and was up 52.4 percent compared with the same week one year earlier.
Refinance Index: Increased 25.6 percent. The Refinance Index is at its highest level since the week ending June 27, 2003
Conventional Purchase Index: Decreased 10.3 percent while the Government Purchase Index (largely FHA) decreased 21.8 percent.
Refinance Share of Mortgage Activity: Increased 25.6 percent. The Refinance Index is at its highest level since the week ending June 27, 2003
ARM Refinance Activity: Increased to 1.1 percent from 0.9 percent of total applications from the previous week.
MBA outlook: Total mortgage production will be up about 17 percent to $1.90 trillion this year from an estimated $1.62 trillion in 2008. Total originations should see a decline of about 15 percent in 2010 to $1.62 trillion as a drop in refinance originations outweighs an increase in purchase originations.
Median home prices for new and existing homes are expected to continue their decline this year, falling about nine percent and 13.0 percent, respectively. Prices should stabilize by mid-2010 and post a slight increase for all of 2010. .
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