Application volume is flat as refinance activity slows
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Application Activity Flat; Purchase Apps Maintain big annual edge jul 3 2019, 5:49AM Mortgage application activity during the week ended June 28 was largely unchanged from the week that preceded it.
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Volume was 0.5 percent lower than the same week one year ago, the first annual drop in total volume since January. "Mortgage lenders have been very thankful for a strong 2016 in terms of origination.
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Refinance Volume Continued to Slow in Fourth Quarter. These borrowers meet the basic harp eligibility requirements, have a remaining balance of $50,000 or more on their mortgage, have a remaining term on their loan of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.
Figure 1: Allegheny County Application and Origination Activity Figure 2: Allegheny County Originations by Loan Purpose The other major component of loan activity is home purchases. This volume, while increasing in the early 1990s, was relatively flat until 2006, which began a 5-year period of decline and a 48 percent drop in volume.
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Total volume. Refinance applications increased to 42.4 percent of total applications, up from 41.6 percent the previous week. The MBA doesn’t expect the mortgage market to remain slow through the.
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The refinance share of mortgage activity decreased to 47.8 percent of total applications, its lowest level since August 2017, from 49.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since March 2017, 4.41 percent.
U.S. mortgage activity flat as loan rates fall: MBA. The group’s seasonally adjusted index of mortgage refinancing activity dipped 0.5 percent to 1,290.8, the lowest since early July. The share of refinancing requests of total applications grew to 49.0 percent from 48.7 percent the previous week.