Posted by Howard Bell on January 15, 2010 at 4:21pm
Market Composite Index: (loan application volume) increased 14.3 percent on a seasonally adjusted basis from one week earlierRefinance Index: increased 21.8 percent from last week’s holiday adjusted index and increased 73.9 percent from last week’s unadjusted indexPurchase Index: increased 0.8 percent from one week earlier.Refinance Share of Mortgage Activity: increased to 71.5 percent of total applications from 68.2 percent the previous week unchanged at 4.0 percent of total applications from the previous week.Arm Share:: unchanged at 4.0 percent of total applications from the previous week.MBA outlook: (Excerpted from mbaa.org)The December jobs report was indicates a slow recovery. 85,000 jobs lost and an unemployment holding at 10 percent.Bloated inventories of unsold homes, buoyed by continued inflows of foreclosed properties, will keep a lid on home prices for some time. We do not expect more typical rates of home price appreciation until 2012. The Federal Reserve is unlikely to raise rates in 2010, but they will meet their commitment to purchase $1.25 trillion in agency MBS by the end of the first quarter.The MBAA anticipates that mortgage rates will rise by about a percentage point through the year, to end at 6.1 percent. Eye-popping federal budget deficits and positive economic growth will put upward pressure on Treasuries. Yields on mortgage securities will need to increase to get private investors back into the market once the Fed stops its purchases.Thanks for Readingwww.yourpropertypath.comRelated ArticlesThe Coming Mortgage Debt Reduction ProgramsFHA and Fannie Mae Propose Rule ChangeCitigroup Suggests Mortgage Debt Forgiveness
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