Mortgage Bankers Weekly Update: Mortgage Apps Decrease
Mortgage Bankers Association for the week of 6/23/2010
Market Composite Index: (loan application volume) decreased 5.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.0 percent compared with the previous week
Refinance Index: decreased 7.3 percent from the previous week and the seasonally adjusted Purchase Index decreased 1.2 percent from one week earlier.
Purchase Index: decreased to 73.8 percent of total applications from 74.8 percent the previous week.
Refinance Share of Mortgage Activity: increased to 74.8 percent of total applications from 72.2 percent the previous week, which is the highest refinance share observed in the survey since the week ending December 18, 2009
Arm Share: decreased to 4.9 percent from 5.2 percent of total applications from the previous week.
MBA outlook: (Excerpted from mbaa.org)
We predict that mortgage originations will fall to $1.4 trillion in 2010 from an estimated $2.1 trillion in 2009. Purchase originations will fall slightly to $725 billion, as home prices continue to fall and the effect from the homebuyer tax credits wane. Refinance originations will fall to $717 billion in 2010 from $1.4 trillion in 2009, but we continue to mark up our refinance origination forecast given the sharp drop in mortgage rates.
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