Residential Mortgage Refinancing Applications Spike As Mortgage Interest Rates Decline

By Anthony B. Sanders

Purchase Applications Spike Even More!

Mortgage applications increased 13.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 11, 2019.

The Refinance Index increased 19 percent from the previous week to its highest level since March 2018. The seasonally adjusted Purchase Index increased 9 percent from one week earlier to its highest level since April 2010. The unadjusted Purchase Index increased 43 percent compared with the previous week and was 11 percent higher than the same week one year ago.

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You can see the spike in refi apps coinciding with a decline in 30-year mortgage rates.

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And you can see an even large spike in mortgage purchase applications with the decline in mortgage interest rates.

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Fannie Mae’s 30Y current coupon rate has declined and is lower than it has been for most of 2018.

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Gary

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