May 5, 2011

Mortgage Bankers Association for the week of 5/04/2010

Market Composite Index: (loan application volume) decreased 5.6 percent from one week earlier

Refinance Index: increased 6.0 percent from the previous week

Purchase Index:
increased 1.1 percent compared with the previous week and was 36.9 percent lower than the same week one year ago.

Refinance Share of Mortgage Activity: increased to 62.7 percent of total applications from 61.6 percent the previous week.

MBA outlook:

The MBAA expects rate to rise this year, largely due to the Fed announcement that they will begin to back away from their mortgage buyback program, allowing the markets to begin to price the cost of loans. This is a hit to affordability and will likely impact sales a bit.

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