FHA Applications Skyrocket as Expected Following MIP Change

Mortgage activity showed no signs of settling down from its rather wild
and wooly behavio
r since the first of the year.  Data from the Mortgage Bankers Association
(MBA) was all over the place during the week ended January 30, apparently
because of the new lower annual rates for FHA loans that went into effect
during the week.  Shares of applications
shifted toward FHA loans and the outliers were in the non-adjusted data. 

The MBA’s seasonally adjusted Market Composite Index, a measure of mortgage
application volume, increased a slight 1.3 percent during the week ended
January 30.  However, on an unadjusted
basis that index was 15 percent higher than the week before.


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