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.
Manhattan’s median price hits new high
High prices are nothing new in New York City but realtors say the median price of an apartment in the city has now hit an all time high. Douglas Elliman reports that the $1.15 million price tag is a 17.3 per cent increase on a year earlier and beat the previous record of $1.025 million set in 2008.
Freddie Mac announces Lenders One alliance
Freddie Mac has announced a new relationship with the Lenders One Mortgage Cooperative which will enable members of the network who are Freddie Mac Seller/Servicers pricing and execution benefits, enhanced access to mortgage products, and professional training and development opportunities. Daniel Goldman, Interim Chief Executive Officer, Lenders Ohe commented: "This relationship enables us to further support our members in growing originations and gives them additional opportunities to increase engagement in the increasingly dynamic housing market."