January NIW should be out today or tomorrow ahead of earnings.
Applications for U.S. home mortgages rose last week even as interest rates climbed, while refinancing demand accounted for a slightly smaller proportion of total activity, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 3.4 percent in the week ended Feb. 1.
The MBA's seasonally adjusted index of refinancing applications rose 3.5 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 2.2 percent.
The refinance share of total mortgage activity fell to 78 percent of applications from 79 percent the week before.
Fixed 30-year mortgage rates averaged 3.73 percent in the week, up 6 basis points from 3.67 percent the week before. The contract interest rate for 30-year fixed mortgages has increased for seven of the last eight weeks.
The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.
As previously posted higher rates will slow down the refi afterall how many times can you refi....Only thing holding this and others back is concern of higher rates due to America's lack of spending controls. Austerity will be coming in a big way question is when it affects the MI's...
"The Federal Reserve on Wednesday, 12/12/12, agreed to keep a key short-term rate near zero until the 7.7% unemployment rate is 6.5% or lower. (how many times does the Fed have to say this until people understand?...my words)
The short-term rate will also stay unchanged at 0.25%, the Fed said, until the current 2.2% inflation pace hits 2.5%. Tying the one rate it controls to unemployment and inflation targets is unprecedented, economists said.
The Fed's aim is to spur economic growth and lower long-term borrowing costs for consumers and Corporate America.
To further that goal, the Fed also said it will continue monthly purchases of $45 billion in long-term government bonds. By year's end, it will stop selling a similar amount in short-term Treasury notes, which it had been doing to keep its total holdings of government bonds stable.
It's unclear what impact the Fed setting targets on unemployment and inflation will have. The Fed's economic forecast out Wednesday put the jobless rate at 6.8% to 7.3% by the end of 2014 and 6.0% to 6.6% by the end of 2015. Based on those projections, Fed Chairman Ben Bernanke said in his press conference that the Fed's new guidance was consistent with its previous plan to keep its key interest rate unchanged until at least mid-2015."
This data is courtesy of USATODAY; which Yahoo!, will not allow me to link to.
There will not be, nor should there be any "austerity measures" forced upon America. One does not have to be a student of history to recognize the disaster it caused when Herbert Hoover attempted the same. Recently, Europe played the austerity game, and suffered tremendously. However, a quick reversal by several European Union members has ameliorated some of the negative cumulative impacts.
Tea Party politics are a farce and have no merit in today's modern economy and markets.
Agreed that refi's will tap out. However, those very same refi's cut mortgage costs for consumers, who will have a bit more disposable income to work with. Retail sales reports out today showed surprising strength in January.
Benefits are tangential and indirect, but a positive, nonetheless.
PHH mortgage, headquartered in my area, just came out with very strong Q4 results.