THE BASIS POINT

Purchase Applications up 25% Year-on-year.

 

MBA Mortgage Applications (week ended 2/5/2016)

– Purchase Index Week/Week +0.2%. Previous weeks were -7.0%, +5.0%, -2.0%, +18.0%,-15.0%, +4.0%, -3.0%, +0.04%, +8.0%, -1.0%, +12.0%, +0.1%, and -1.0%.

– Refinance Index Week/Week +16.0%. Previous weeks were +0.3%, +11.0%, +19.0%, +24.0%, -37.0%, +11.0%, +1.0%, +4.0%, -6.0%, -5.0%, +2.0%, -2.0%, and -1.0%,.

– Composite Index Week/Week +9.3%. Previous weeks were -2.6%, +8.8%, +9.0%, +21.3%, -27.0%, +7.3%, -1.1%, +1.2%, -0.2%, -3.2%, +6.2%, and -1.3%.

Purchase applications are up 25% year-on-year.

This data is from MBA (Mortgage Bankers Association) which reported last week that the Mortgage Credit Availability Index (MCAI) declined in January meaning that lenders tightened their lending standards. This is largely about lenders responding to the demands of CFPB that they tighten standards.  There have been large fines about underwriting being too loose especially on FHA loans.

 

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