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Mortgage Apps: Two Weeks of Declines

December 20, 2017
Two Weeks of Declines After Increasing In October and November

Bottom Line: Mortgage purchase applications rose with the increase in existing and new home sales in October and November. However, purchase applications have now fallen, nearly to September, pre-hurricane levels, in the last two weeks. This trend bears watching as a potential signal for just how much of the improvement in sales data is shift in trend versus one-off volatility.

The MBA Mortgage Applications Index FELL by 4.9% during the week ended December 15 to 379.2, modestly below its 13 week average of 401.1 and 6.9% BELOW its year ago level.

The Purchase Index FELL by 5.5% to 234.3, slightly below its 13 week average of 236.0 but 0.6% ABOVE its year ago level.

The Refinance Index FELL by 3.2% to 1,241. With this decline, refinancing activity is modestly below its 13 week average of 1,330 and 14.4% BELOW its year ago level.

Contract Mortgage Rates FELL with the 30-year fixed rate declining by 4 bps to 4.16% and with the 15-year fixed rate declining by 1 bp to 3.60%.