This Week’s Mortgage News

Mortgage application activity was up at the end of January due to lower mortgage rates. According to the Mortgage Bankers Association (MBA), its Market Composite Index, a measure of mortgage application activity, rose 0.4 percent for the week ended Jan. 31 on a seasonally adjusted basis, and 14 percent on an unadjusted basis from the week prior.

Breaking down the applications further, the MBA reported that its unadjusted Purchase Index increased 14 percent week-over-week. Refinancing remained at 62 percent of total applications, and the share of applications filed for adjustable rate mortgage products (ARMs) rose a percentage point to 8 percent.

This increase in application activity can be attributed to lower rates. In fact, on Thursday, Freddie Mac said mortgage rates had decreased for five consecutive weeks, bringing them back to November 2013 levels. These low rates present an opportunity for real estate sales professionals to reach out to their buyer clients and prospects and let them know that buying a home has become more affordable due to the decreased cost of financing their purchase.

Industry Trends

WFS Jumbo rate – 5/5 ARM: 2.75%
Refi Index – 1693.2 (2.92%)
Purchase Index – 180.5 (-3.78%)
NAHB Builder Confidence – 56 (+1.75%)
Existing Home Sales – 4,870,000 (+1.0%)
New Home Sales – 414,000 (-6.97%)

As of Feb. 6, 2014.

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