Purchase Applications Highest Since Homebuyer Tax Credit, Despite Significant Drop in Government Applications

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Posted To: MND NewsWire

Applications for government-backed mortgages dropped significantly during the week ended April 5, but mortgage activity in other sectors was strong . The Mortgage Bankers Association's (MBA) Market Composite Index, a measure of application volume, increased 4.5 percent on a seasonally adjusted basis from the week ended March 29 and 5 percent on an adjusted basis. Mike Fratantoni, MBA Vice President of Research and Economics noted that there had been a significant divergence between the conventional and government markets during the week. "Following the April 1 increase in FHA mortgage insurance premiums, government purchase applications fell by almost 14 percent, to their lowest level since February 2013. On the other hand, applications for conventional purchase loans increased by more than...(read more)

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Source: http://www.mortgagenewsdaily.com/04102013_application_volume.asp

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