Mortgage Apps Dive; Rates Spike; FHA/VA now a Quarter of the Market!

Mortgage application
volume fell across the board for the second straight time during the week ended
February 13, 2015.  The Mortgage Bankers
Association (MBA) said its Market Composite Index, a measure of mortgage application volume
declined substantially from the previous week, down 13.2 percent on a
seasonally adjusted basis from the week ended February 6 and 12 percent on an
adjusted basis.

All of the Composites components fell compared to the previous week as
well.  MBA’s Refinance Index decreased 16
percent and the refinance share of applications lost 3 percentage points to 66
percent.  The seasonally adjusted Purchase
Index decreased 7 percent from one week earlier.  The unadjusted Purchase
decreased 2 percent compared
with the previous
week but was able to remain 1 percent higher than during the same week in 2014.


…(read more)

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