Refinance Rates, Refinance Programs, Refinance Payments

For the first time in four weeks, both refinance and purchase applications declined according to the latest Market Composite Index, released today by the Mortgage Bankers Association (MBA).

The Index, which measures and compares mortgage loan application volume from week to week, reported overall mortgage activity - both purchases and refinances - fell 8.4 percent for the week ending January 19. The report showed that refinance activity was down 9.6 percent, while purchases dipped 8.4 percent.

"The dip in mortgage activity comes as a bit of a surprise given the recent run of positive employment news and interest rates that remain at favorable levels," said Bob Walters, chief economist for Loans. "The remainder of this week will be very important, with new and existing home sales data due in the next couple days. These reports will provide insight into the current direction of the market, and provide a much clearer picture of the state of the housing sector leading into next week's Fed meeting."

Publish Date: 01/24/2007