Mortgage Bankers Association Applications Report

Earlier this morning the Mortgage Bankers Association released
their Mortgage Application data for last week, showing that overall application volume rose by
6.8% from the previous week. Purchases were up 2%, and on a year over year basis, are 22%
higher.
Refinances increased by 9.0% last week and are up 47% year over year. While this is still strong,
the year over year comparisons are shrinking – Just a few weeks ago refinances were up over
100% on a year over year basis. Refinances made up 65.7% of all transactions, up from 63.9%
last week.
Interest rates decreased from 3.14%, to 3.06%, which is 95 bp or almost 1% lower than this time
last year. Remember the MBA rate is for last week and always includes a fraction of points, in
this case 0.33.

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