Morning Briefing: Boom! Mortgage applications up almost 14 per cent

by Steve Randall24 Sep 2015
Boom! Mortgage applications up almost 14 per cent
Mortgage applications surged by 13.9 per cent for the week ending Sept. 18th according to the latest data from the Mortgage Bankers’ Association. The rise in the seasonally-adjusted number of mortgage applications follows the slower pace of the previous week due to the Labor Day holiday.

On an unadjusted basis, the Market Composite Index increased 26 per cent compared with the previous week. The Refinance Index increased 18 per cent. The seasonally adjusted Purchase Index increased 9 per cent from one week earlier to its highest level since June 2015 while the unadjusted Purchase Index increased 20 per cent compared with the previous week and was 27 per cent higher than the same week one year ago.

The refinance share of mortgage activity increased to 58.4 per cent of total applications from 56.2 per cent the previous week. ARM share increased to 6.9 per cent; FHA share decreased to 12.9 per cent from 14.2 per cent the week prior. The VA share decreased to 10.0 per cent from 10.7 per cent and the USDA share of total applications decreased to 0.7 per cent from 0.8 per cent the week prior.
Markets stabilizing says Freddie
US housing markets are continuing to stabilize according to Freddie Mac. Its Multi-Indicator Market Index shows increasingly stable conditions with one new state, Rhode Island, and four additional metro areas entering their outer range of stable housing activity: Philadelphia and Harrisburg, Pennsylvania; Phoenix, Arizona; and Albany, New York. 

Len Kiefer, Freddie Mac’s chief economist commented: "Nationally, all MiMi indicators are heading in the right direction for the second consecutive month and improving more than 6 per cent from the same time last year. The one area of the country that has been slow to respond has been the Northeast. However, we've started to see these housing markets turn around.”
Al Pacino seeks rental home in New York City
Realtors with high-end rentals in New York may be showing Al Pacino what they have to offer as the Hollywood legend intensifies his search for a home. Pacino is about to star in “China Doll” is actively looking for a rental and the New York Post says he has already viewed properties on Broadway and Bank Street. His latest viewing has been a SoHo loft with a $25k-a-month price tag. The triplex at 109 Greene Street has 3 bedrooms and 3.5 bathrooms including a Jacuzzi. 


Should CFPB have more supervision over credit agencies?