Refinance Index: increased 12.6 percent from the previous week and is the highest Refinance Index observed in the survey since the week ending May 22, 2009.
Purchase Index: decreased 3.3 percent from one week earlier.
Refinance Share of Mortgage Activity: increased to 76.8 percent of total applications from 73.8 percent the previous week, which is the highest refinance share observed in the survey since April 2009.
Arm Share: decreased to 4.7 percent from 4.9 percent of total applications from the previous week.
MBA outlook: (Excerpted from mbaa.org)
We predict that mortgage originations will fall to $1.4 trillion in 2010 from an estimated $2.1 trillion in 2009. Purchase originations will fall slightly to $725 billion, as home prices continue to fall and the effect from the homebuyer tax credits wane. Refinance originations will fall to $717 billion in 2010 from $1.4 trillion in 2009, but we continue to mark up our refinance origination forecast given the sharp drop in mortgage rates.
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