Mortgage Bankers Weekly Update
Weekly Mortgage Market Update; Mortgage Bankers Association for the week of September 23, 2009
Market Composite Index: (loan application volume) On an unadjusted basis, the Index increased 12.8 percent on a seasonally adjusted basis from one week earlier, which was a holiday shortened week.
Refinance Index: Increased increased 17.4 percent from the previous week as, for the first time since mid-May, the 30-year fixed rate dipped below 5 percent.
Conventional Purchase Index: is at the highest level ever recorded in the survey and the share of purchase applications that were government-insured was 45.7 percent, the highest share since November 1990. t.
Refinance Share of Mortgage Activity: increased to 63.8 percent of total applications from 61.0 percent the previous week
ARM Refinance Activity: increased to 6.7 percent from 6.0 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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