Wednesday, July 2, 2008
Mortgage Applications Rise Slightly from 6 Year Low
Mortgage applications improved to their second lowest level since 2002 after thirty year mortgage rates eased back 7bp to 6.33%. Mortgage rates remain substantially above the 5.5% level available at the beginning of the year, when we had the last refi surge. Total mortgage applications rose +3.6% versus the prior week last week, but remain down -23% YoY. Applications for new purchases rose +2.8% WoW, but also are down -22% YoY. Refinancing demand rose +4.7% WoW, but is down an even larger -25% YoY. This helped push the refinancing share up marginally to 36.8%, but is remains substantially below the 46% share of a month ago. ARM share of total loans held steady at 8.5% last week after 1y ARM rates rose 5bp to 7.14% according to the Mortgage Bankers Assoc.
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