Global| Mar 04 2020U.S. Mortgage Applications Increase More with Lower Rates
Summary
The Mortgage Bankers Association reported that its Mortgage Loan Application Index rose 1.5% (70.2% y/y) during the week ending February 21... Applications for fixed-rate loans rose roughly three-quarters y/y while applications for [...]
The Mortgage Bankers Association reported that its Mortgage Loan Application Index rose 1.5% (70.2% y/y) during the week ending February 21...
Applications for fixed-rate loans rose roughly three-quarters y/y while applications for adjustable rate loans rose roughly one-quarter y/y.
The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for each index is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver's SURVEYW database.
| MBA Mortgage Applications (%, SA) | 02/28/20 | 02/21/20 | 02/14/20 | Y/Y | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Total Market Index | 1.5 | -6.4 | 1.1 | 70.2 | 32.4 | -10.4 | -17.8 |
| Purchase | 5.7 | -3.4 | -5.8 | 10.6 | 6.6 | 2.1 | 5.6 |
| Refinancing | -0.8 | -8.0 | 5.0 | 151.6 | 71.1 | -24.3 | -34.0 |
| 15-Year Effective Mortgage Interest Rate (%) | 3.23 | 3.29 | 3.26 | 4.16 (Feb.'19) | 3.71 | 4.35 | 3.59 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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