Mortgage applications increased 13.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sep. 18, 2015.
The previous week’s results included an adjustment for the Labor Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 13.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 26% compared with the previous week. The Refinance Index increased 18% from the previous week. The seasonally adjusted Purchase Index increased 9% from one week earlier to its highest level since June 2015. The unadjusted Purchase Index increased 20% compared with the previous week and was 27% higher than the same week one year ago.
“We saw significant rate volatility last week surrounding the FOMC meeting, and rate declines toward the end of the week likely drove applications from both prospective home buyers and borrowers looking to refinance. The 30-year fixed rate remained unchanged over the week even though there was substantial intra-week fluctuation, but we saw rate decreases in other loan products like the 15-year fixed, 5/1 ARM, and 30-year jumbo,” said Mike Fratantoni, MBA’s Chief Economist.
The refinance share of mortgage activity increased to 58.4% of total applications from 56.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.9% of total applications.
To Read The Entire Article Please Click Here!
To discuss your home buying or refinancing needs call The Easterbrook Team at 916-850-6050.
John Easterbrook NMLS# 226555
916-224-7653
easterbrookteam@spmc.com
Patty Aguon NMLS# 994635
916-833-5063
easterbrookteam@spmc.com
Sierra Pacific Mortgage Company
Bidwell Branch
806 Bidwell Street
Folsom, CA 95630
No comments:
Post a Comment