Mortgage Daily Logo
mortgage news from industry experts

Refi Mortgage Applications Jump

During the recent holiday week, new applications for mortgage refinances surged. But similar strength was not exhibited for new purchase activity.

A 7 percent increase on a seasonally adjusted basis was recorded in the week ended July 8 from a week previous for the Market Composite Index.

Foregoing seasonal adjustments, the index,
a measure of mortgage loan application volume, dropped 14 percent during the week that included July 4.

The index is part of the
Weekly Mortgage Applications Survey from the Mortgage Bankers Association.

Applications for refinances climbed a seasonally adjusted 11 percent from the week ended July 1. Refinance share widened to 64.0 percent from 61.6 percent a week earlier
and 50.8 percent a year earlier.

Purchase financing applications held steady versus the prior week. But without seasonal adjustments, purchase applications slid by a fifth from the last report and were down 5 percent from the week ended July 10, 2015.

MBA reported that applications for mortgages insured by the Federal Housing Administration accounted for a 10th of total activity. FHA share widened from 9.5 percent in the report from seven days earlier but was far thinner than 13.8 percent in the report from 12 months earlier.

Department of Veterans Affairs applications made up 12.1 percent of all applications. VA share was more narrow than 12.8 percent the prior week
but wider than 10.8 percent a year prior.

Fixed rates on jumbo mortgages averaged 1 basis point more than conforming rates in the most-recent report. The jumbo-conforming spread
was no different than in the week-earlier report and swung from a negative 3 BPS in the year-earlier report.

Applications for adjustable-rate mortgages represented
5.2 percent of the latest week’s activity. ARM share thinned from 5.6 percent in the prior report and 7.4 percent in the year-prior report.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts