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IPFS News Link • Housing

Mortgage Applications Decrease as FHA Insurance Rates Increase

The Market Composite Index, a measure of mortgage loan application volume, decreased 9.6 percent on a seasonally adjusted basis from one week earlier. ..."Applications for government mortgages dropped substantially last week, following the implementation of an increase in FHA mortgage insurance premiums," said Mike Fratantoni, MBA's Vice President of Research and Economics. "Applications for conventional mortgages also dropped last week, with refinance application volume continuing to drop following last week's jump in rates.” The Refinance Index decreased 9.0 percent from the previous week, marking the index’s fifth consecutive decline. The seasonally adjusted Purchase Index decreased 10.5 percent from one week earlier. ...

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