Mortgage Applications Inch Upward

Feb 12, 2020

The first week of February ended with mortgage applications in an uptick thanks to refinance activity, according to data from the Mortgage Bankers Association (MBA) for the week ending Feb. 7.

The Market Composite Index saw a 1.1 percent rise on a seasonally-adjusted basis from one week earlier, while the unadjusted index was up by three percent. The seasonally-adjusted Purchase Index decreased six percent from one week earlier, but the unadjusted index was up by 0.3 percent–the latter was also 16 percent higher than the same week one year ago. The Refinance Index increased five percent from the previous week, and was 207 percent higher than the same week one year ago and the refinance share of mortgage activity increased to 65.5 percent of total applications from 64.5 percent the previous week.

Among the federal programs, the FHA share of total applications increased to 9.7 percent from 9.6 percent the week prior and the VA share of total applications decreased to 10.1 percent from 10.2 percent while the USDA share of total applications remained unchanged at 0.4 percent.

“The mortgage market continues to be active in early 2020, as applications increased for the third straight week. Rates also rose, but still remained close to their lowest levels since October 2016,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The refinance index climbed to its highest level since June 2013, and refinance loan sizes also increased as a result of an active jumbo lending market.”

About the author

Phil Hall

Link copied

Published

Feb 12, 2020

Analysis and Data

Mortgage Rates Edge Down To 7.32%, Offering Limited Pipeline Relief

The modest decline trims borrower payments, while year-end forecasts above 7% leave LOs focused on deals already close to working

The first mortgage-rate decline in two months trims about $22 from the monthly payment on a $400,000 loan. For LOs trying to salvage year-end transactions, that creates an opening among borrowers already close to making the numbers work.Freddie Mac reported Thursday that the...

Operations

LO Compensation: What The Split Doesn’t Tell You

NMP’s Ignite summit explored the rules, expenses, and platform differences that shape what originators actually earn

A loan officer willing to earn less to win a borrower can still run into a compensation problem. The sticking point is how that smaller paycheck is determined, who funds it, and whether the arrangement connects compensation to the loan’s terms.That tension drove National Mor...

Feb

Austin, TX

More from

Industry News

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

Industry News

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

Industry News

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

Industry News

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

Industry News

Oct 09, 2026

Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News

Oct 08, 2026