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Refis Lead Increase in Weekly Mortgage Business

Mortgage News

New mortgage activity moved higher over the past week, and refinance transactions were out front of the ascension.

The U.S. Mortgage Market Index was 140 in the week ended June 26. This marks the first week that OpenClose was utilized as the new enhanced data provider for the index.

Compared to the previous week, the index — which is a reflection of average rate locks per OpenClose user — increased six percent.

The week-earlier figures were revised to reflect data from from the same provider.

The index, however, has declined nearly 16 percent versus the same week last year.

The biggest gain for the week was with refinances locks, which
were up 12 percent from the week ended June 19. Refinance business has accelerated 2 percent from a year previous.

Refinance share widened to 57.3 percent from 53.8 percent in the last report and 47.0 in the year-earlier report. This week’s share reflected a 35.1 percent rate-term share and a 22.1 percent cashout share.

Next were conventional rate locks, which climbed 8 percent on a week-over-week basis but were off 10 percent from the week ended June 27, 2015.

A one percent rise from seven days earlier was recorded for purchase financing, though the category was off by a fifth from a year previous.

Rate locks for mortgages insured by the Federal Housing Administration slipped three percent but were 19 percent stronger than the same week in 2014. FHA share fell to 21.9 percent from 23.7 percent but was fatter than 15.4 percent one year prior.

Adjustable-rate mortgage business was down six percent from the previous report and has declined more than a third from one year previous. ARM share thinned to 8.5 percent from 9.5 percent a week prior and 10.8 percent a year prior.

The worst performing category was jumbo, with rate locks dropping 11 percent from seven days earlier and tumbling 22 percent from 12 months earlier. Jumbo share fell to 8.9 percent from 10.6 percent in the last report and 9.7 percent in the year-earlier report.

Interest rates on jumbo mortgages were seven BPS lower than conforming rates, swinging from a positive jumbo-conforming spread of 12 BPS in the previous report. The jumbo-conforming spread was also inverted during the same week last year at a negative 11 BPS.

Fixed interest rates on 30-year conforming mortgages were 4.02 percent, while the
15-year rate was 81 BPS less.

Mortgage Daily’s analysis of Treasury market activity indicates that fixed mortgage rates could be around eight BPS worse in the next report.

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