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News & Press: Industry News

Mortgage Applications Up and Refinancing Continues Strong

Tuesday, January 21, 2020  
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The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 10, 2020 showed an increase of 30.2 percent on a seasonally adjusted basis from one week earlier. The Refinance Index increased 43 percent from the previous week and was 109 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 16 percent from one week earlier.

The refinance share of mortgage activity increased to 62.9 percent of total applications from 58.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.5 percent of total applications. According to the MBA the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to the lowest level since September 2019, 3.87 percent, from 3.91 percent, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

California Land Title Association

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