Purchase Mortgage Applications Jump, Refis Slump
A solid week-over-week gain in the volume of applications for purchase financing was just enough to offset a sharp drop in refinance applications. Government share widened.
Refinances Drive Up Weekly Mortgage Applications
A refinance burst bumped up weekly mortgage applications, while a healthy year-over-year ascension has been recorded for purchase financing applications.
|Purchases Pull Down Weekly Mortgage Business
Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it's been in over four years.
MBS Issuance Slowest in 5 Months at Ginnie
Securitizations on behalf of the Government National Mortgage Association turned lower last month, falling to the slowest volume in five months. The weak performance came off of a record year.
Refis Offset Bump in Purchase Mortgage Apps
Mortgage originators completed more weekly applications for loans to finance a home purchase -- with a nice year-over-year improvement. But refinances offset the week-over-week gain. The jumbo-conforming spread was unchanged.
Jumbo Leads Tightening in Mortgage Credit
After easing to the loosest level in nearly a decade, home lending credit conditions tightened last month. It was jumbo credit that led the constriction.
HELOC, GSE and Gov Mortgage Demand Weakens
Financial institutions are reporting waning demand for government-sponsored enterprise loans and government-backed home loans. Also weakening was demand for home-secured credit lines.
Refinances Lead Drop in Mortgage Applications
Weekly applications to refinance single-family mortgages were out front of weakening activity. Applications for loans to finance a home purchase have strengthened from a year ago.
|FHA Biz at 10-Mth Low, Cashout Share at New High|
Fewer prospective borrowers locked in rates on mortgages this past week, with locks for loans insured by the Federal Housing Administration slower than any week since early January. But cashout refinance share was widest in at least five years.