Residential mortgage applications fell almost 2% for the week ending August 3, according to new figures compiled by the Mortgage Bankers Association. The comparison is to the week prior.
The survey, which claims to cover 75% of all retail lenders, found that refinancings continued to dominate the landscape, accounting for 81% of all new business, the same ratio as the week before.
Lenders interviewed by National Mortgage News in recent weeks continue to report strong volumes, though concerns remain about how wholesale capacity might wane in the wake of Wells Fargo’s exit from table funding. “Business is very very good right now,” said Chris George, president of CMG Mortgage, San Ramon, Calif. CMG is a retail/wholesale lender.
MBA tracks the market through a proprietary index. The trade group said demand for ARM products, not surprisingly, continues to be weak.
On average, lenders are charging 3.75% on a 30-year FRM offering a 49 basis point origination fee, just about flat compared to the week before.
