"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Wednesday, April 13, 2011

MBA Weekly Applications Survey

Every Thursday at 7 AM, the Mortgage Banker's Association releases a weekly survey of mortgage activity.  It's not a huge market mover but, since it examines changes in one of the largest sectors for consumer spending, it is still examined by analysts.
Mortgage activity wasn't all that great for the week ending 4/1.  The Market Composite Index declined 2.0% on a substantial decline in refinancing (down 6.7%).  Turning to the report for the week ending 4/8, things actually decline further.  The Market Composite Index declined 6.7% for the week, with the Purchase Index declining 4.7% and the Refinance Index decreasing 7.7%.  Refinancing activity represented 60.3% of total applications (down from the 61.2% of the previous week), and adjustable-rate mortgages fell to 5.9% of the week's mortgage activity (down from last week's 6.1%).  The average interest rate for a 3o-year fixed-rate mortgage increased 5 bps to 4.98%.

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