Refinance application share hits eight-year low: MBA

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Refinance Application Share Hits Nine-Year Low. Wednesday, May 17, 2017. The Mortgage Bankers Association (MBA) said today that mortgage applications were down across the board during the week ended May 12, with refinancing taking the biggest hit. MBA’s Market Composite Index, a measure of loan application volume, fell 4.1 percent on a.

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The number of refinance applications dropped 4.3 percent and reached its lowest level in almost 18 years on a seasonally unadjusted basis. Mortgage rates have been steadily increasing with the rate on the 30-year fixed loan – the favorite among homebuyers – hitting an eight-year high of 5.17 percent last week from 5.15, according to the MBA.

The share of refinancing requests versus total applications shrank to 41.5% from 44.1% the week before. MBA’s seasonally adjusted gauge on overall mortgage application activity decreased 3.5% to.

But mortgage rates continue to increase. The refinance index dropped 4% from the previous week, the lowest since December 2000. The Purchase Index also decreased, falling 3% from last week, but is still 3% higher from this time last year. The refinance share of mortgage activity decreased from last week’s 35.9% to 35.7% of total applications, still its lowest level since September 2008.

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Mortgage Applications Fall as Home Loan Rates Hit 4-Year High: MBA Wednesday, 14 February 2018 U.S. mortgage application activity fell to its lowest in five years as interest rates on 30-year fixed-rate home loans jumped to their highest in four years, the Mortgage Bankers Association said on Wednesday.The Washington-based industry group’s.

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MBA’s seasonally adjusted gauge on purchase mortgage activity, a proxy on future home sales, edged up 1.4 percent to 227.3 after hitting a six-month low the prior week.

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