Morning Briefing: Mortgage applications down last week

by Steve Randall04 Feb 2016
Mortgage applications down last week
Mortgage applications for the week ending January 29th were 2.6 per cent lower than the previous week according to the Mortgage Bankers’ Association. On an unadjusted basis, the Market Composite Index increased 11 per cent compared with the previous week. 
The Refinance Index increased 0.3 per cent to its highest level since October 2015; the seasonally adjusted Purchase Index decreased 7 per cent; the unadjusted Purchase Index increased 11 per cent compared with the previous week and was17 per cent higher than the same week one year ago.

The refinance share of mortgage activity increased to 59.2 per cent of total applications from 59.0 per cent the previous week; ARM fell to 5.9 per cent; FHA share increased to 12.9 per cent from 12.7 per cent the week prior; VA share remained unchanged at 11.1 per cent; and the USDA share remained unchanged from 0.7 per cent.
Realtor named broker of the year
Chris Read, the managing broker and owner of CR Realtor in Woodridge has been named Illinois’ realtor of the year for 2016. She has been a realtor for almost 40 years and has been involved in the Illinois Association of Realtors throughout and has served in many management roles. “Chris is a leader and mentor within the real estate industry. We honor her for her steadfast dedication to association service, industry advocacy and the promotion of professionalism and the highest ethical standards,” said Mike Drews, GRI, president of the Illinois Association of Realtors.
Anne Hathaway buys Manhattan penthouse
Pregnant actress Anne Hathaway and her husband Adam Shulman have bought a Manhattan co-op penthouse for $2.55 million. The Upper West Side home is a small 2-bedroom, 2-bathroom apartment with just 1,200 square feet – not a lot of home for the price – however Zillow reports that the co-op association is set to sell air rights for upward expansion. The Brooklyn-born actress is about to star in her own one-woman off-Broadway show.



Is TILA-RESPA a good or bad thing long term?