Wednesday, July 11, 2012

MBA: Mortgage Applications Fall 2.1%

The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending July 6, 2012 -- was released Wednesday, July 11

  • The Market Composite Index, a measure of mortgage loan application volume, decreased 2.1% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 22% compared with the previous week.

  • The Refinance Index decreased 3% from the previous week.

  • The seasonally adjusted Purchase Index increased 3% from one week earlier, suggesting an increase in home buying activity while refinancings cooled.

The average loan size of all loans for home purchase in the U.S. was $240,897 in June, down from $243,733 in May 2012. The average loan size for a refinance was $218,619, down from $226,576 in May. 

The refinance share of mortgage activity decreased to 77.0% of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity remained around 4% of total applications.

*     *     *

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:

No comments:

Post a Comment