Mortgage refinance booms are a thing of the past: MBA chief economist

Mortgage applications to purchase homes jumped 9% in the past week to the highest level since January, according to the mortgage bankers association (mba) Weekly Mortgage Application Survey released May 7. Refinance applications were 49% of total applications, down from 50% the week before.

While low rates have led some to predict a refinance boom, Mike Fratantoni, chief economist for the Mortgage Bankers Association (MBA), isn’t among the chorus. Fratantoni, speaking at MBA’s National Secondary Market Conference in New York, granted that the rate drop following last year’s mounting hikes was undoubtedly positive for buyers.

A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand. Mortgage application volume fell 5.6% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications were still 24% higher.

Two Rivers Title Company is a multi-state title agency and escrow company based in Little Silver, NJ.. Mortgage refinance booms are a thing of the past. Era of plentiful refinance volume is over according to Mortgage Bankers Association Chief Economist.. Keep Reading. Pipeline: Refi Revival No Sure Thing, Despite the.

Lunchtime Data Talk Mortgage Origination-Pricing and Volume: More than You Ever. MBA’s? Office of the Chief Economist 12 . Loan Product, Purpose, Amount, and Credit. Boom Refinance Share of Applications (Percent) 30-Year FRM Rate.

 · Eight weeks ago, it appeared that the days of 30-year fixed rate mortgages at less than 4 percent were a thing of the past. But recent economic uncertainty has sent those rates tumbling, which is.

The weekly average rate for a 30-year fixed mortgage has dropped to 4.39 percent, according to mortgage giant Freddie Mac, the lowest level this year. Mortgage brokers say that is fueling a boom in.

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The net share of those who expect prices to continue to rise fell 2 percentage points to 37 percent while the net of those expecting mortgage rates to move. Fannie Mae senior vice president and.

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A sharp drop in the last few weeks has already created a mini refinance boom. Mortgage applications to refinance jumped nearly 27% last week from the previous week and were 97% higher compared.