The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending June 22, 2012 -- was released Wednesday, June 27.
“Refinance volume fell last week due largely to a fall-off in refinance applications for government loans, which had more than doubled the prior week,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “The large swings in activity were due to the implementation of FHA’s new premiums on streamline refinances, and borrowers timing their applications to lower their premiums.”
- The Market Composite Index, a measure of mortgage loan application volume, decreased 7.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also decreased 7.1% compared with the previous week.
- The Refinance Index decreased 8% from the previous week.
- The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased more than 2% compared with the previous week and was almost 3% lower than the same week one year ago.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.
For additional information, visit MBA's web site: www.mortgagebankers.org.