2017 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

MBA Mortgage Applications  
Released On 1/4/2017 7:00:00 AM For wk12/30, 2016
PriorActual
Composite Index - W/W Change2.5 %-12.0 %
Purchase Index - W/W Change3.0 %-2.0 %
Refinance Index - W/W Change3.0 %-22.0 %

Highlights
Purchase applications for home mortgages fell 2.0 percent on a seasonally adjusted basis in the December 30 week compared to the level 2 weeks earlier, which was the last prior reading due to the Christmas holiday. The refinance index was down a much sharper 22 percent compared to two weeks ago, as higher interest rates continue to deter refinancing by homeowners to a greater extent than the mortgage applications of home buyers. However, the unadjusted purchase index was down 41 percent compared with two weeks ago, pulling down the year-on-year change into negative territory for the first time in 2016 at minus 1 percent. The average interest rate on 30-year fixed rate conforming mortgages ($417,000 or less) halted its steep climb higher and at 4.39 percent was down 6 basis points from the 4.45 percent recorded in the prior week, the highest rate since May 2014.

Definition
The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.  Why Investors Care
 
 

powered by  [Econoday]