Refinance application share hits eight-year low: MBA

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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.

The volume of refinancing. the VA share decreased to 10.2 percent from 10.5 percent. USDA loan applications again received an 0.8 percent share. Mortgage rates were essentially flat during the week.

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The refinance share of debt activity increasing to 50.2% of sum applications from 49.8% a before week. “After saying a six-week streak, debt rates for 30-year loans increasing slightly, that led to a pullback in altogether refinance activity,” Joel Kan, a MBA’s associate clamp boss of mercantile and attention forecasting, pronounced in a.

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Rates on home loans have responded by easing from eight-year highs registered in November.. sales of newly built homes in October fell by the most in 10 months and hit a two-year low. Sales of.

Application volume for homebuyers was down 3 percent for the week and just 1 percent higher than a year ago. Home sales have been weakening for months as high prices hit affordability and low.

The program also entails buying. which includes both purchase and refinance loans, for the week ended December 19 soared 48.0 percent to 1,245.4, the highest since the week of July 18, 2003. The.

Mortgage applications hit 12-year low as refi boom dries up. after the Fed signaled it was preparing to dial back its stimulus program – have "whacked" refinance. to all Inman content.

The trade group’s seasonally adjusted index of total mortgage application. 360.8 and the refinancing index slid 15.4 percent to 1,620.9. Purchase demand has not been as low since the week of.

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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.

Applications to refinance a home mortgage fell 2 percent for the week and were 28 percent lower than the same week one year ago, when interest rates were lower. The refinance share of mortgage.

This rate represents yet another low. loan application volume – jumped 10 percent from the previous week. The refinance index climbed 11 percent, while the purchase index grew 8 percent, its.