Mortgage applications drop, but optimism is on the way up
Posted May 28th, 2014 by Mark Martin
Mortgage applications fell during the week ending May 23, according to the Mortgage Bankers Association's Weekly Applications Survey. Applications were down 1.2 percent from the previous week, and the Market Composite Index, which measures mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis.Alongside standard applications, the Refinance Index fell 1 percent from the previous week. Refinancing is a huge part of the mortgage application activity, as MBA reported refinance applications accounted for 52 percent of all activity for the week ending May 23.Bill Banfield, vice president of Quicken Loans, said that mortgage rates have been improving over the past year, which could result in more people applying for mortgage in the coming months."While applications were down this week, in the past few months we've seen an increase in folks who are taking advantage of this unprecedented opportunity to buy a home or refinance," Banfield told HousingWire.Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Mortgage applications fell during the week ending May 23, according to the Mortgage Bankers Association's Weekly Applications Survey. Applications were down 1.2 percent from the previous week, and the Market Composite Index, which measures mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis.Alongside standard applications, the Refinance Index fell 1 percent from the previous week. Refinancing is a huge part of the mortgage application activity, as MBA reported refinance applications accounted for 52 percent of all activity for the week ending May 23.Bill Banfield, vice president of Quicken Loans, said that mortgage rates have been improving over the past year, which could result in more people applying for mortgage in the coming months."While applications were down this week, in the past few months we've seen an increase in folks who are taking advantage of this unprecedented opportunity to buy a home or refinance," Banfield told HousingWire.Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.