Housing Starts Up, Mortgage Apps Down – NMP Skip to main content

Housing Starts Up, Mortgage Apps Down

Mar 16, 2016
It was a weak week for mortgage applications, according to the latest Mortgage Bankers Association Weekly Mortgage Applications Survey

Single-family housing starts in February were at a rate of 822,000, a 7.2 percent increase from the revised January figure of 767,000, according to data released this morning by the U.S. Census Bureau and the Department of Housing and Urban Development. Privately-owned housing starts in February were at a seasonally adjusted annual rate of 1,178,000, which is 5.2 percent above the revised January estimate of 1,120,000 and is 30.9 percent spike from the February 2015 rate of 900,000.

Single-family authorizations in February were at a rate of 731,000, a relatively scant 0.4 percent uptick from the revised January figure of 728,000. Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,167,000, which is a 3.1 percent drop from the revised January rate of 1,204,000, but is 6.3 percent increase from the February 2015 estimate of 1,098,000.

Single-family housing completions in February were at a rate of 736,000, up 6.1 percent from the revised January rate of 694,000. Privately-owned housing completions in February were at a seasonally adjusted annual rate of 1,016,000, which is down 4.2 percent from the revised January estimate of 1,060,000, but is 17.5 percent above the February 2015 rate of 865,000.

Separately, the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 11 found the Market Composite Index down 3.3 percent on a seasonally adjusted basis and down three percent on an unadjusted basis from the previous week. The seasonally adjusted Purchase Index increased 0.3 percent to its highest level since January 2016, while the unadjusted Purchase Index increased one percent compared with the previous week and was 33 percent higher than the same week one year ago.

The Refinance Index, however, fell six percent from the previous week and the refinance share of mortgage activity decreased to its lowest level since August 2015, with 55 percent of total applications; last week, the level was 56.7 percent.

Among the government loan programs, the FHA share of total applications decreased to 11.7 percent from 12 percent and the VA share of total applications decreased to 12.3 percent from 12.6 percent. The USDA share of total applications remained unchanged from 0.8 percent the week prior.

About the author
Published
Mar 16, 2016
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026