Application volume is flat as refinance activity slows

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The market composite index – a measure of total loan application volume – decreased 2.5 percent from a week earlier. The refinance index was essentially flat, ticking up just 0.3 percent from.

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The purchase application. volume increased 0.3% and the refinance application volume increased 0.6% over the same period. It’s important to note that with the final expiration of the governments.

Application Activity Flat; purchase apps maintain big annual edge Jul 3 2019, 5:49am mortgage application activity during the week ended June 28 was largely unchanged from the week that preceded it.

The refinance share of mortgage activity increased to 42.2% from last week’s 39.7%. The adjustable-rate mortgage share of activity increased to 7.1% of total applications.

Cash-Out Refinance vs. HELOC Loan Refinancing slowed by 8.0% from the previous week, according to the Mortgage Bankers Association. The refinance share of mortgage activity also fell to 79% of applications, a slim 1% decline from the prior week. The adjustable rate mortgage (ARM) share of activity is about 4% of applications as consumers opt for low fixed rate mortgages.

But volume was 15 percent lower than a year ago, when interest rates were more than 80 basis points lower. Applications to refinance a home loan. not pose too much of a headwind to home purchase.

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Rising mortgage rates squeeze U.S. refinancing activity. The Washington-based group said its index on refinancing applications fell 2.9 percent to 1,288.0 in the week ended jan. 26 as average interest rates on 30-year mortgages rose to their highest level since March. Home refinancing is seen a source of cash which homeowners can tap into.

Weekly mortgage applications remained relatively flat last week compared to the previous week amid record-low U.S. mortgage rates, according to data released Wednesday by the Mortgage Bankers.

FHFA’s second quarter Refinance Report also shows that more than 9,700 loans were refinanced through the Home Affordable Refinance Program, bringing the total number of HARP refinances to 3,470,804 since inception of the program in 2009.

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