Bottom falls out as mortgage applications plunge 9.2% | Bedford Hills Real Estate

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A week after unexpectedly jumping 10.3% last week, mortgage applications returned to their declining trend despite near year-low interest rates.
Applications dropped 9.2% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 13, 2014.
The Market Composite Index, a measure of mortgage loan application volume, decreased 9.2% on a seasonally adjusted basis from one week earlier.
The Refinance Index decreased 13% from the previous week. The seasonally adjusted Purchase Index decreased 5% from one week earlier.
“Interest rates increased relative to the previous week, as incoming economic data continues to suggest a pickup in the pace of growth,” said Mike Fratantoni, MBA’s Chief Economist. “Although the average rate for the week was up only a few basis points, the increase was matched by a large drop in refinance volume, and purchase application volume also declined. Some lenders continue to report that they have pre-approved borrowers who have been unable to find a property given the tight inventory in certain markets.”

The refinance share of mortgage activity decreased to 52% of total applications from 54% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.
“While the recent uptick in rates may have a little to do with a drop in mortgage application volume, purchase activity in many areas nationwide continues to suffer from a lack of inventory and confidence," Quicken Loans vice president Bill Banfield said. "Many consumers are very content with keeping their homes off the market, especially during the summer.”


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http://www.housingwire.com/articles/30356-bottom-falls-out-as-mortgage-applications-plunge-92

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