Morning Briefing: Mortgage applications lower as 2015 closed

by Steve Randall07 Jan 2016
Mortgage applications lower as 2015 closed
New mortgage applications declined in the last week of 2015 according to the Mortgage Bankers Association. Including adjustments for the holidays , applications for the week ending Jan 1. 2016 decreased 27 percent on a seasonally adjusted basis from two weeks earlier.  On an unadjusted basis, the MBA’s index decreased 50  per cent compared with two weeks prior.

The Refinance Index decreased 37 per cent; the seasonally adjusted Purchase Index decreased 15 per cent; the unadjusted Purchase Index decreased 40 per cent compared with two weeks ago and was 22 percent higher than the same week one year ago.

While the index changes were calculated relative to two weeks prior, the following compositional and rate measures are presented relative to the previous week only:

The refinance share of mortgage activity decreased to 55.4 per cent of total applications from 56.1 per cent the previous week; ARM share decreased to 4.7 per cent; FHA share increased to 14.6 per cent from 13.8 per cent; VA share increased to 12.9 per cent from 11.6 per cent; USDA share remained unchanged from 0.6 percent the week prior.
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