Mortgage apps, refis plummet

by Ryan Smith10 Sep 2014
Mortgage applications plummeted last week, dropping 7.2% from the week earlier, according to new data from the Mortgage Bankers Association. Refinances hit their lowest level since 2008.

The drop seems to line up with the latest consumer sentiment survey from Fannie Mae, which found that the percentage of consumers who think it’s a good time to buy a house tied its all-time low last month.

The MBA’s market composite index, which measures loan application volume, dropped 7.2% on a seasonally adjusted basis last week. On an unadjusted basis, the index was down 17% from the previous week. The Refinance Index plummeted 11% from the previous week, hitting its lowest level since November of 2008.

Rates for conforming 30-year fixed-rate mortgages, meanwhile, saw their first increase in four weeks, rising from 4.25% to 4.27%. The average rate for 5/1 adjustable-rate mortgages was down, dropping to 3.12% from the previous week’s 3.19%.


Should CFPB have more supervision over credit agencies?