Ouch! Mortgage Applications Plummet in Final Weeks of 2015 – NMP Skip to main content

Ouch! Mortgage Applications Plummet in Final Weeks of 2015

Phil Hall
Jan 06, 2016
The mortgage market ended 2015 with a crash, according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA)

The mortgage market ended 2015 with a crash, according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA). And while the latest survey combined the last two weeks of the year and included adjustments for the Christmas and New Year’s Day holidays, the numbers were still more than a little harsh.

The Market Composite Index decreased by 27 percent on a seasonally adjusted basis and fell 50 percent on an unadjusted basis from two weeks earlier. The seasonally adjusted Purchase Index decreased by 15 percent from two weeks earlier, and the unadjusted Purchase Index decreased by 40 percent compared to two weeks ago—although it was 22 percent higher than the same week one year earlier. The Refinance Index decreased by 37 percent from two weeks ago and the refinance share of mortgage activity decreased to 55.4 percent of total applications from 56.1 percent the previous week.

Despite the drop in applications, government loan programs mostly saw positive activity. The FHA share of total applications increased to 14.6 percent from 13.8 percent the week prior, while the VA share of total applications increased to 12.9 percent from 11.6 percent the week prior. The USDA share of total applications, however, remained unchanged at 0.6 percent. 

Published
Jan 06, 2016
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022
BSI Financial Hires Execs To Drive HR, Investor Reporting

Sean McGowan will lead HR, training and company culture; Shannon Clay to head investor reporting, reconciliations, and cash management initiatives.

Industry News
May 16, 2022
Home Point First Quarter Earnings Down Significantly

Net income down more than 90% from a year ago.

Industry News
May 13, 2022