Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Weekly Mortgage Applications Fall 7%
WASHINGTON (11/7/13)--A prominent mortgage trade association's survey showed that mortgage market activity declined significantly last week.
 
The Mortgage Banker Association said that its Market Composite Index--a seasonally adjusted index of mortgage application activity--fell by 7% for the week ended Nov. 1.
 
The measure's two components, the refinance index and the purchase index, decreased by 8% and 5% respectively.
 
Mortgage refinancing constituted 66% of market activity for the week ending Nov. 1, down from 67% the week before (HousingWire Nov. 6).
 
The decline comes as the Federal Reserve indicates it might cut back this year on the $85 billion in treasury bonds and mortgage-backed securities that it's currently buying every month--a change that would occur sooner than previously anticipated (Reuters Nov. 6).
 
The index's Nov. 1 decline is the first one-week drop greater than 1% in months. Refinancing activity had driven growth in the measure throughout the partial government shutdown, anticipation of the gridlock and during market aftershocks in the wake of Congress' Oct. 16 agreement.

A four-week moving average gauge of refinance activity was up by 9.3% over the past month, but down by 56% on an annual basis. Purchase applications fell by 6.2% during the same time--down by 3.8% on an annual basis. A four-week moving average measure of purchase applications fell by about 18% over the past six months (Moody's Economy.com Nov. 6).
RSS print
News Now LiveWire
Tech. advances don't dampen consumer #cybersecurity concerns #NewsNow http://t.co/HNn4Hojadv
11 hours ago
.@TheNCUA board unanimously voted today to designate board member Rick Metsger as vice chairman, effective immediately.
11 hours ago
We really want to hear from our readers. Please take the News Now survey: http://t.co/BYiQ5vr5Ob
13 hours ago
Advanced technologies don't quell cybersecurity fears #NewsNow http://t.co/ZJ20bimRvv
13 hours ago
.@CentralMaineCom reports #creditunions have issued thousands of new cards to proactively protect members from Home Depot data breach.
14 hours ago