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MORTGAGE APPLICATIONS DECLINE FOUR (4) WEEKS STRAIGHT

MBA: Mortgage apps barely move as purchase loan size reaches record high
Refinance apps fall even lower

April 5, 2017 Brena Swanson 2 Comments
KEYWORDS MBA MORTGAGE BANKERS ASSOCIATION PURCHASE APPLICATIONS REFINANCE APPLICATIONS WEEKLY MORTGAGE APPLICATIONS SURVEY
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As the refinance demand continues to dissipate, purchase applications are setting new records.

The latest report from the Mortgage Bankers Association shows that refinance applications fell even further below their eight-year low set last week.


According to data from the MBA’s Weekly Mortgage Applications Survey for the week ending March 31, 2017, the refinance share of mortgage activity decreased to 42.6% of total applications from 44% the previous week, which was the lowest that figure has been in more than eight years.

Meanwhile, the adjustable-rate mortgage (ARM) share of activity remained unchanged at 8.5% of total applications.

On the other side, purchase demand is on the rise, as the average loan size for purchase applications reached a survey high of $318,200.

Mortgage applications, as a whole, decreased 1.6% from one week earlier. And broken up, the Refinance Index decreased 4% from the previous week, while the seasonally adjusted Purchase Index increased 1% from one week earlier.