Morning Briefing: Refinancing drives increase in mortgage applications

by Steve Randall20 Aug 2015
Refinancing drives increase in mortgage applications
There was an increase in mortgage applications in the week ending Aug. 14 according to the latest data from the Mortgage Bankers’ Association. The Market Composite Index increased 3.6 per cent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, there was a 3 per cent rise. The Refinance Index increased 7 per cent to its highest level since May 2015. The seasonally adjusted Purchase Index decreased 1 per cent from one week earlier to its lowest level since March 2015 while the unadjusted Purchase Index decreased 3 per cent but was 19 per cent higher than the same week one year ago.

The refinance share of mortgage activity increased to 55.5 per cent of total applications from 53.1 per cent the previous week. The ARM share of activity increased to 6.9 per cent; FHA share decreased to 12.9 per cent from 13.3 per cent; VA share of total applications decreased to 11.1 per cent from 11.3 per cent ; USDA share of total applications increased to 0.8 per cent from 0.7 per cent the week prior.
Silence of the Lambs home for sale
The house used as the home of serial killer Buffalo Bill from classic movie The Silence of the Lambs has gone on the market. Although Jodie Foster finds the house in Ohio in the film, it is in fact in the village of Layton, Pennsylvania. The three story building sits on a 1.76 square foot lot and has four bedrooms and one bathroom but no dungeon! The current owners have been in the house since 1976 and told the Pittsburgh Tribune-Review that only their dining room and foyer were used in the actual shoot. The dungeon scenes were filmed elsewhere. The 1910-built house is listed at $300,000 with Dianne Wilk of Berkshire Hathaway HomeServices.
Connecticut realtors report increased sales
Realtors in the Connecticut region of Greater Hartford report that closed sales of single-family homes increased by 16.57 per cent to 1266 year-over-year in July. Pending sales rose 19.59 per cent and the median sale price decreased 6.38 per cent $220,000. “The summer market continues to have an upward trend in closed sales as well as healthy inventory levels,” stated GHAR CEO, Jeff Arakelian. “Consumers looking to buy can take advantage of competitive prices and low interest rates.” The average days on the market from the beginning of the year compared to last year, increased from 76 to 84.



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