Mortgage Market News

The Mortgage Bankers Association (MBA) reported today that its Market Composite Index, a measure of total loan application volume, fell by 1.6% in the latest week for its 4th straight weekly decline. The refinance index fell 5% and is at its lowest level since the end of 2013. In addition, the refinance share of mortgage activity fell to 51% of total applications to its lowest level since July 2009. The purchase index rose by 2.7% as the spring buying season gets underway.
Corporate earnings season kicked off yesterday with Alcoa reporting a profit decline due to a drop in aluminum prices though the company did beat earnings expectations. Investors will be looking for the impact of the harsh winter weather for 1st quarter earnings, with signs of optimism for the 2nd quarter. Later this week, banking giants JPMorgan Chase and Wells Fargo will report their numbers.
Mortgage credit availability increased slightly in March from February as reported by the Mortgage Bankers Association's Mortgage Credit Availability Index. The MBA said that many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options.
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