Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Weekly Mortgage Applications Fall 7%
WASHINGTON (11/7/13)--A prominent mortgage trade association's survey showed that mortgage market activity declined significantly last week.
 
The Mortgage Banker Association said that its Market Composite Index--a seasonally adjusted index of mortgage application activity--fell by 7% for the week ended Nov. 1.
 
The measure's two components, the refinance index and the purchase index, decreased by 8% and 5% respectively.
 
Mortgage refinancing constituted 66% of market activity for the week ending Nov. 1, down from 67% the week before (HousingWire Nov. 6).
 
The decline comes as the Federal Reserve indicates it might cut back this year on the $85 billion in treasury bonds and mortgage-backed securities that it's currently buying every month--a change that would occur sooner than previously anticipated (Reuters Nov. 6).
 
The index's Nov. 1 decline is the first one-week drop greater than 1% in months. Refinancing activity had driven growth in the measure throughout the partial government shutdown, anticipation of the gridlock and during market aftershocks in the wake of Congress' Oct. 16 agreement.

A four-week moving average gauge of refinance activity was up by 9.3% over the past month, but down by 56% on an annual basis. Purchase applications fell by 6.2% during the same time--down by 3.8% on an annual basis. A four-week moving average measure of purchase applications fell by about 18% over the past six months (Moody's Economy.com Nov. 6).
RSS print
News Now LiveWire
FHFA today announced it's extending comment deadline for guarantee fees Fannie, Freddie charge lenders to Sept. 8.
8 hours ago
The 2014 @CUwomen Forum was held in Gold Coast, Australia yesterday during @WOCCU 's World CU Conference.
11 hours ago
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
12 hours ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
12 hours ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
12 hours ago