Home Loan Demand Rebounds from Holiday Influenced Slowdown

MortgageNewsDaily.com — Wed, 02 Feb 2011 14:45:07 +0000

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 28, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 11.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 13.2 percent compared with the previous week. The previous week did not include a holiday adjustment for Martin Luther King, Jr. Day.

The Refinance Index increased 11.7 percent from the previous week. The four week moving average is up 1.7 percent. The refinance share of mortgage activity decreased to 69.3 percent of total applications from 70.3 percent the previous week. This is the lowest refinance share observed in the survey since the week ending May 14, 2010.

"Applications increased this week relative to the holiday week," said Michael Fratantoni, MBA's Vice President of Research and Economics. "Looking over the past two weeks, purchase applications are flat, and refinance applications are down about five percent."

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Home Loan Demand Rebounds from Holiday Influenced Slowdown