Housing Bubble
Refinancing activity falls in weekly MBA survey
The Market Composite Index of mortgage loan applications -- a measure of mortgage loan applications for purchases and refinancings -- for the week ending January 17 decreased 4.7 percent to 1100.3 on a seasonally-adjusted basis from 1154.3 the previous week, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released today. On an unadjusted basis, the Index decreased 3.6 percent but was up 55.5 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 355.3 from 358.0 the previous week. The seasonally adjusted Refinance Index decreased to 5433.4 from 5786.4 the previous week. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1590.3 from 1683.0 the previous week. The Government Index increased to 282.6 from 271.8 the previous week.
Refinancing activity represented 75.7 percent of total applications, decreasing from 77.7 percent the previous week. The share of ARM activity increased to 13.8 percent from 12.6 percent the previous week.
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