This Week in Real Estate 19 October 2011: Mortgage Applications Decrease

October 19th, 2011
in econ_news

Econintersect: Disappointment today with weaker than expected residential construction permits.  Tomorrow existing home sales will be reported by the National Association of Realtors.  Today the Mortgage Bankers Association reported a 14.9% decline in mortgage applications for week ending 14 October 2011- however the week included Columbus Day.  Econintersect has reported earlier this week on:

Home Builder Confidence

Fewer Houses for Sale

Follow up:

The refinance share of mortgage activity decreased to 77.6% of total applications from 79.1% the previous week.  In today's real estate market, following mortgage application activity is not providing much clues to the volume of home sales as 29% of existing home sales are cash (no mortgages).

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.33% from 4.25%, with points increasing to 0.48 from 0.47 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  Hat tip to Calculated Risk for the following graph showing mortgage activity is near post-recession lows.

Source: Calculated Risk, MBA,

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