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March 2017   Volume 43, Number 3      
 

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Mortgage Applications Decline 12 Percent to End 2016

Mortgage application volume plunged 12 percent on a seasonally adjusted basis from two weeks earlier for the last week of December, according to a report from the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased by 48 percent.

“Mortgage application volume typically drops sharply over the holidays. However, this year, as mortgage rates continued their upward climb reaching the highest levels in more than two years, overall application volume fell even more than the holiday slowdown would suggest,” said Michael Fratantoni, chief economist for the MBA.

The Refinance Index decreased by 22 percent from two weeks prior, while the refinance share of mortgage activity increased to 52.2 percent of total applications from the week prior. The FHA share of total applications increased to 11.6 percent from 10.7 percent the week prior. The VA share of total applications decreased to 12.3 percent from the week prior. The USDA share of total applications increased to 1.1 percent from the week prior.

The seasonally adjusted Purchase Index declined by 2 percent from two weeks prior, while the unadjusted Purchase Index decreased by 41 percent, a 1 percent year-over-year decline.

The MBA survey includes more than 75 percent of all U.S. retail and consumer direct residential mortgage applications. Survey respondents include mortgage bankers, commercial banks and thrifts.

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In this issue:

How Trump’s Tax Plan Will Impact Real Estate

Average Real Estate Commissions Decline to Low 5 Percent Range

Consumer Sentiment Declines in January but Remains Near 13-Year High

Foreign Real Estate Investors Still Confident About U.S. Real Estate

Mortgage Applications Decline 12 Percent to End 2016

New Report Names CEO of Zillow as Most Powerful Person in Residential Real Estate

Rising Home Values Haven’t Shaken Consumers’ Memories of the Financial Crisis

U.S. Real Estate Sales Could Be Affected by China’s Capital Controls

Trump Administration Suspends Mortgage Premium Rate Cut

Keep an Eye Out for At-Risk Senior Clients

 


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