Refinance application share hits eight-year low: MBA

MBA’s seasonally adjusted gauge on purchase mortgage activity, a proxy on future home sales, edged up 1.4 percent to 227.3 after hitting a six-month low the prior week.

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Servicer productivity – measured as the average loans serviced divided by the average servicing full-time-equivalent employee (FTE) in a given year – peaked at 1,863 loans in 2007. Once the great recession hit, default rates rose and productivity dropped, reaching a study-low of 647 loans serviced per FTE in 2013.

The underlying loans are all guaranteed by Fannie Mae or Freddie Mac. And there isn’t anything in the way of scheduled economic news today, although the value of the dollar hit a multi-year low..

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Even with lower rates on three of the five surveyed loan types, refinance. The FHA share of total applications ticked up to 9.6 percent from 9.4 percent. The average contract interest rate for 30-year fixed-rate mortgages (FRM). MBA's Weekly Mortgage Applications Survey been conducted since 1990.

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mortgage activity hits one-month low: MBA; The Washington-based group's. mortgage applications for home purchase and refinancing declined by 3.3%. The refinance share of mortgage activity decreased to 39.7 percent of total. The average contract interest rate for 30-year fixed-rate mortgages with.

The MBA’s seasonally adjusted index of refinancing applications climbed 9.4 percent, while the gauge of loan requests for home purchases was nearly flat, edging up just 0.1 percent. The refinance share of total mortgage activity also increased to 80.5 percent of applications, from 80.0 percent.

According to the MBA’s latest Weekly Mortgage Applications Survey, the refinance share of mortgage activity declined to 44% percent of total applications, the lowest that figure has been in more.

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MBA – Mortgage Bankers Association of America. The Refinance Index covers all mortgage applications to refinance an existing mortgage. It is the best overall gauge of mortgage refinancing activity.

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The number of refinance applications dropped 4.3 percent and reached its lowest level in almost 18 years on a seasonally unadjusted basis. Mortgage rates have been steadily increasing with the rate on the 30-year fixed loan – the favorite among homebuyers – hitting an eight-year high of 5.17 percent last week from 5.15, according to the MBA.