Skip to main content

Mortgage Refi Index Is 98 Percent Higher YoY

Navi Persaud
Nov 18, 2020
Tiny red house blocks on a desk.

The Mortgage Bankers Association's Weekly Mortgage Application Survey reported a slight 0.3% decrease in total applications from the previous week, however, mortgage refinance activity is continuing to hold strong far into the fall season.

According to the survey, the Refinance Index slipped 2%, however, it remains 98% higher than the same week in 2019. Additionally, the seasonally adjusted Purchase Index increased 4% and was 26% higher than the same week last year.

"Mortgage market activity was mixed last week, despite the 30-year fixed-rate mortgage staying below 3%. The purchase market recovered from its recent weekly slump, with activity increasing 3% and climbing above year-ago levels for the 26th straight week. Housing demand remains supported by the ongoing recovery in the job market, and an increased appetite from households seeking more space because of the pandemic," said Joel Kan, MBA's associate vice president of Economic and Industry Forecasting. "The refinance index decreased last week - driven by sharp declines in FHA and VA applications - but remained a robust 98% above a year ago. The average refinance loan balance of $291,000 last week was the lowest since January. Many borrowers with higher loan balances may have acted earlier on in the current refinance wave."

The refinance share of mortgage activity dipped from 70% to 69.8%, the adjustable-rate mortgage share decreased to1.9%, the FHA share decreased to 10.5%, the VA share decreased to 12.1% and the USDA share increased to 0.5%, according to the survey.

Nov 18, 2020
Nominations Open For Industry Titans Award

NMP Magazine to honor people who represent industry with professionalism.

Industry News
Sep 23, 2022
Fidelity National Names New HR Chief

Melissa Circelli previously held same position at Black Knight.

Industry News
Sep 23, 2022
Ruoff Mortgage Lays Off Nearly 5% Of Staff

Company announced the layoffs Sept. 16, citing 'economic conditions.'

Sep 21, 2022
SPS Acquires Rushmore Loan Management Services

The acquisition will include hiring Rushmore servicing personnel and assuming Rushmore servicing contracts.

Industry News
Sep 19, 2022
Fannie Mae Names New EVP, Chief Risk Officer

Former Morgan Stanley exec has nearly 30 years of risk management experience.

Industry News
Sep 15, 2022
Planet Home Lending Expands Operations In N.Y.

Mortgage vets Michael Cabales and Mike Titiyevsky to lead expansion effort in NYC metro area.

Industry News
Sep 13, 2022