Mortgage Bankers Weekly Update: Mortgage Applications Decrease
Mortgage Bankers Association for the week of 3/30/2010
Market Composite Index: (loan application volume) a measure of mortgage loan application volume,decreased 7.5 percent on a seasonally adjusted basis from one week earlier
Refinance Index: decreased 10.1 percent from the previous week. The seasonally adjusted Purchase Index decreased 1.7 percent from one week earlier.
Purchase Index: decreased 1.5 percent compared with the previous week and was 21.9 percent lower than the same week one year ago.
Refinance Share of Mortgage Activity: decreased 10.1 percent from the previous week
Arm Share: decreased to 5.7 percent from 5.9 percent of total applications from the previous week.
MBA outlook: (Excerpted from mbaa.org)
MBAA makes some interesting observations amid a general optimism. The world economy, has been growing fast boosting boost to US growth through gains in exports. Last quarters growth was just revised upward. True, housing is a laggard, but even here MBAA expressed optimism and sees growth patterns, in stark contrast to Dr. Shiller of Case Shiller.
Treasury and mortgage rates increased towards the end of last week, as global markets calmed following the recent crises in Japan and the Middle East. Refinance volume predictably fell in response to these rate increases. As rates climb back to 5 percent, fewer homeowners have both the incentive and the ability to refinance, said Michael Fratantoni, MBAs Vice President of Research and Economics
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