Thursday, February 10, 2011

Mortgage Applications Fall February 2011

Mortgage Applications Fall February 2011 - Mortgage applications in the week of February 4th fell 5.5% after having risen 11.3% in the previous week. It was the second decline in the last three weeks.

In the past year the average weekly change has been -0.2%; in the past six months the average has tilted lower to -1.4%. From January 2000 until the end of 2005 applications increased an average of 0.8% per week; from January 2006 until the end of the decade the weekly change was 0.6%.

Refinancing accounted for 66.6% of mortgage application in the latest reporting week, slightly below the average over the past year of 73.2%. For the past ten years, from January 2001 until this February the weekly refinancing average has been 46.6%. The refinancing percentage of total applications was a bit lower in the first half of the last decade at 47.7%, than the second at 55.2%. At the peak of the housing bubble in 2005 and 2006 refinancing accounted for only 41.9% of new mortgage applications.

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Mortgage Applications Fall February 2011

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