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Mortgage Apps Dive; Rates Spike; FHA/VA now a Quarter of the Market!

Wednesday, February 18, 2015

Mortgage application volume fell across the board for the second straight time during the week ended February 13, 2015.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume declined substantially from the previous week, down 13.2 percent on a seasonally adjusted basis from the week ended February 6 and 12 percent on an adjusted basis.

All of the Composites components fell compared to the previous week as well.  MBA's Refinance Index decreased 16 percent and the refinance share of applications lost 3 percentage points to 66 percent.  The seasonally adjusted Purchase Index decreased 7 percent from one week earlier.  The unadjusted Purchase Index decreased 2 percent compared with the previous week but was able to remain 1 percent higher than during the same week in 2014.

 

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