FHA Applications Skyrocket as Expected Following MIP Change

By Jann Swanson

Posted To: MND NewsWire

Mortgage activity showed no signs of settling down from its rather wild and wooly behavio r since the first of the year. Data from the Mortgage Bankers Association (MBA) was all over the place during the week ended January 30, apparently because of the new lower annual rates for FHA loans that went into effect during the week. Shares of applications shifted toward FHA loans and the outliers were in the non-adjusted data. The MBA’s seasonally adjusted Market Composite Index, a measure of mortgage application volume, increased a slight 1.3 percent during the week ended January 30. However, on an unadjusted basis that index was 15 percent higher than the week before. Refinancing, which had been the primary driver of earlier index swings rose 3 percent compared to the week ended January 23. Refinance…(read more)

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