The Mortgage Bankers Association announced the latest finding for mortgage lead volumes in their report for the week ending July 2, 2010.  The mortgage industry gages consumer interest against MBA’s Weekly Mortgage Applications Survey.  Mortgage marketing executives and lead generation companies like the MBA report as well, because it signals the interest and helps forecast the volume of potential loans in process.  Overall, the mortgage lead volume for home purchase and refinance rose a modest 6.6% on a seasonally adjusted basis from 514.4 one week earlier.  On an unadjusted basis, the Index increased 6.0% compared with the previous week and increased 17.2% compared with the same week one year earlier. 

The refinance lead totals rose 5.9% to 2116.3 from 1998.1 the previous week and the seasonally adjusted Purchase Index increased 7.3% to 280.3 from 261.2 one week earlier.  MBA reported that the Refinance Index rose 12.6% from the previous week and is the highest Refinance Index observed in the survey since the week ending May 22, 2009.

The home purchase lead volumes dipped 3.3% from one week earlier. The unadjusted Purchase Index decreased 3.8% compared with the previous week and was 36.0% lower than the same week one year ago. According to MBA’s vice president Michael Fratantoni,”As the financial market continues to show signs of volatility, mortgage rates dropped again last week, with rates on 15-year loans reaching a record low for the MBA survey.  Fratantoni continued, “Home loan applications dropped for the seventh time in the last eight weeks, keeping the purchase index near 13-year lows.”

According to Lead Planet, economist, Kevin Grant, “The refinance lead activity has been surging since the homebuyer tax credits expired at the end of April.”  Grant continued, “Interest rates have crept lower and homeowners appear to be making one last attempt to for mortgage refinancing in an effort to lock into a fixed rate loan when the market bottoms out for low interest rates.”  Mortgage refinance leads have made up of nearly 77% of all mortgage loan activity online last week. MBA reported that this was the highest market-share for refinance leads in the weekly survey since April 2009.   Article was written by Timmy Jackson

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