Real Estate News

New MBA survey shows mixed results for housing applications

Published: 08 Apr 2017

The April 5 Mortgage Buyers Association examined some of the latest developments regarding the Market Composite Index, as well as other signs of changing mortgage statistics. A mix of different decreases and increases could add complexity to previous readings of what the current month has in store for the market.

According to this press release, some mortgage application fronts saw increases, though they were relatively small ones. The Federal Housing Authority and Veterans Affairs mortgage applications went up, with both of them growing .4 percent together over the span of a week. 

Perhaps most notably, the average amount of an application was $318,200, which the source called a "survey high." This contrasts many of the more negative developments, such as the overall Market Composite Index figure, which seems to have declined by 1.6 percent by the end of the last week of March. While no changes affected the adjustable-rate portion of activity, mortgage refinancing share dropped by 42.6 percent.

The Mortgage Reports called the current rates "historically low" and said that April could be a tumultuous month, based on several different measures. These included Freddie Mac's, as well as relative stagnation seen around mortgage appreciation in general.

The same source also noted political factors, such as the changing policies of the UK and U.S. as well as the chance of further Federal Reserve rate increases this year, as already hinted by the Fed itself. Overall, though, it said the current month would be an "advantageous time" for those searching for a mortgage, citing the current market as "steady" and allowing for less disruption.

The National Association of Realtors also reported a mix of statistics for 2017 so far. While sales of existing homes declined in February, pending home sales were up during the same month, a pair of releases said.