Weekly Mortgage Update

Weekly Mortgage Market Update; Mortgage Bankers Association for the week of October 14, 2009

Market Composite Index: (loan application volume) decreased 0.1 percent from the previous week

Refinance Index:  increased to 67.4 percent of total applications from 66.3 percent the previous week.

Conventional Purchase Index:  Increased 13.2 percent from one week earlier, which puts the index at its highest level since January

Refinance Share of Mortgage Activity:    Increased to 66.3 percent of total applications from 65.3 percent the previous week.

ARM Refinance Activity: increased to 6.2 percent from 6.1 percent of total applications from the previous week.
MBA outlook: (Excerpted from mbaa.org)

The MBA expects Purchase originations to rise gradually as home sales pick up and prices stabilize before beginning to appreciate in 2011 and later.

Refinance originations will also increase because of the downward trend in mortgage rates and the success of Home Affordable Refinance Program (HARP). Refinances will taper off as we enter 2010 as mortgage rates start to rise.

Median home prices for new and existing homes are expected to continue their decline this year, falling about eight percent and 13.0 percent, respectively.  Prices should stabilize by mid-2010 and post a slight increase for all of 2010

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