MGIC Investment Corp. (MTG)

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REFINANCE APPLICATIONS DECLINE TO SEPT 2008 LEVEL

The refinance portion of mortgage applications is hurting revenue for the PMI COMPANIES. THE REFINANCE INDEX FELL TO 41.1% OF total applications.

May 17, 2017

WASHINGTON, D.C. (May 17, 2017) - Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 12, 2017.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4 percent compared with the previous week. The Refinance Index decreased 6 percent from the previous week. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 9 percent higher than the same week one year ago.

The refinance share of mortgage activity decreased to 41.1 percent of total applications, the lowest level since September 2008, from 41.9 percent the previous week