Skip to main content

Mortgage Apps See Almost 4% Weekly Slide

Navi Persaud
Jun 03, 2020
Analyzing charts and data

The Mortgage Bankers Association's Weekly Survey reported a 3.9% decrease in mortgage applications on a seasonally adjusted basis, for the week ending May 29, 2020. On an unadjusted basis, mortgage loan application volume fell 14% compared to the previous week
Refinance apps also took a hit, sliding 9%, although refinances are still holding strong with last week's numbers sitting 137% higher than the same week year over year. According to the report, the seasonally adjusted purchase index increased 5% from one week earlier but declined 7% on an unadjusted basis.
"Purchase applications continued their recent ascent, increasing 5% last week and 18% compared to a year ago," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring. However, there are still many households affected by the widespread job losses and current economic downturn. High unemployment and low housing supply may restrain a more meaningful rebound in purchase applications in the coming months."
Kan also pointed out that unlike the upswing in purchase activity, refinance applications fell for the seventh consecutive week, despite all-time low rates such as the 3.37% 30-year fixed-rate, which happened to be an MBA survey low. He stated refinance activity did reach a peak of 76% of total activity, but now accounts for less than 60%. 
The Federal Housing Administration's share of total applications remained stagnant at 11.2%, the VA share dipped slight from 12.4% to 12% and the USDA share of total applications creeped up to 0.7% from 0.6% a week prior. 

Biden Appoints Sandra Thompson As Acting Director Of The FHFA

The White House appointed Sandra L. Thompson as acting director of the Federal Housing Finance Agency (FHFA), effective immediately. Her statement reveals that a permanent director will be confirmed in December.

Regulation and Compliance
Jun 24, 2021
Supreme Court Gives Biden Full Control Over FHFA

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021