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Wednesday, December 8, 2010

MBA mortgage applications fell 0.9% last week

Pretty shocking considering we had a large increase in interest rates and mortgages rates this week. And the week isn't over.  Bankrate will have their mortgage rate report tomorrow.
Refinancing and purchase applications continue to diverge, according to the MBA. The purchase index rose another 1.8% last week while refinancings dropped 1.4%. The purchase index is at highest level since early May and the refinancing index is at its lowest point since June. The unadjusted purchase applications index rose 21.3% from the previous week and was 12% lower than a year earlier.
In four-week moving averages, the seasonally adjusted market index is down 8%, the purchase index is up 2.8% and the refinance index is down 10.9%. The refinancing share of all mortgage applications rose last week to 75.2% from 74.9% the week earlier.
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