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Mortgage Apps:  Seasonal Factors Drive Rebound

September 13, 2017

Bottom Line: Mortgage applications rose in the week ended September 8th, but only on a seasonally adjusted basis with the Labor Day holiday. Non-seasonally adjusted applications fell 10%, less than typical during the holiday-shortened week. It will take a few more weeks of data to confirm or deny the trend towards lower purchase applications seen since mid-June.

The MBA Mortgage Applications Index ROSE by 9.9% during the week ended September 8 to 462.1, moderately above its 13 week average of 420.3 but 19.3% BELOW its year ago level.

The Purchase Index ROSE by 10.9% to 252.0, modestly above its 13 week average of 239.4 and 6.2% ABOVE its year ago level.

The Refinance Index ROSE by 8.9% to 1,637. Despite this increase, refinancing activity is sharply above its 13 week average of 1,430 but 34.5% BELOW its year ago level.

Contract Mortgage Rates FELL with the 30-year fixed rate declining by 3 bps to 4.03% and with the 15-year fixed rate declining by 4 bps to 3.30%.

Article by Contingent Macro Advisors