by Calculated Risk on 1/08/2014 07:01:00 AM

Note: This release is for two weeks ... from the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 3, 2014. The most recent week’s results include an adjustment to account for the New Year’s Day holiday, while the previous week’s results were adjusted for the Christmas holiday. ...

The Refinance Index increased 5 percent from the previous week after falling by 9 percent the week prior. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier but increased 2 percent the week prior. ...
...
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 4.72 percent, with points unchanged at 0.28 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added

Click on graph for larger image.


The first graph shows the refinance index.

The refinance index is down sharply - and down 73% from the levels in early May - and last week was at the lowest level since November 2008


The second graph shows the MBA mortgage purchase index.  

The 4-week average of the purchase index is now down about 8% from a year ago.