US: MBA Mortgage Applications
May 13, 2020 06:00 CDT
ActualPrevious Composite Index - W/W Change 0.3% Previous 0.1%
Purchase Index - W/W Change 11.0% Previous 6.0%
Refinance Index - W/W Change -3.0% Previous -2.0%
Highlights For a fourth week in a row, mortgage bankers are reporting improvement in purchase applications, and sharp improvement at that with an 11.0 percent rise in the May 8 week. Year-on-year this index is still down 10 percent, but this is much better than 19 percent contraction in the prior week and contraction as steep as 35 percent early last month. This index indicates that housing activity, despite virus shutdowns, is still alive. The refinance index fell 3.0 percent in the week that saw a 3 tenths rise in the average 30-year conventional mortgage rate to 3.43 percent.