THE DECLINE IN MORTGAGE APPLICATIONS WILL HURT NEW PMI COMPANIES
NMIH, which barely became profitable in 2016, was living off refinance business along with ESNT. NOW IT'S DEAD OR, at 2008 levels.
"Mortgage Applications Slightly Decrease in Latest MBA Weekly Survey
Mar 29, 2017
CONTACT
Ali Ahmad
aahmad@mba.org
(202) 557- 2727
WASHINGTON, D.C. (March 29, 2017) - Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 24, 2017.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 4 percent higher than the same week one year ago.
The refinance share of mortgage activity decreased to 44.0 percent of total applications, its lowest level since October 2008, from 45.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.5 percent of total applications.
The FHA share of total applications decreased to 10.8 percent from 10.9 percent the week prior. The VA share of total applications increased to 11.0 percent from 10.1 percent the week prior. The USDA share of total applications increased to 1.0 percent from 0.9 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to 4.33 percent from 4.46 percent, with points increasing to 0.43 from 0.41 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased to 4.26 percent from 4.40 percent, with points decreasing to 0.26 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.24 percent from 4.33 percent, with points decreasing to 0.36 from 0.40 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.57 percent from 3.68 percent, with points increasing to 0.43 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week."
