WASHINGTON – Although credit unions reported robust first-half lending volume driven in large part by mortgages, mortgage applications fell sequentially by 4.5% for the week ending Aug. 10.
Moreover, on Wednesday the yield on the benchmark 10-year Treasury bond was on the rise again – at 1.77% compared to just over 1.4% a few weeks ago.
According to new figures compiled by the Mortgage Bankers Association, refinancings – not surprisingly – remained strong, accounting for about 81% of all new business, a slight decline from the week prior.
MBA says its survey covers 75% of all retail residential applications. According to figures compiled by National Mortgage News, an affiliate of Credt Union Journal, and the Quarterly Data Report, Wells Fargo alone accounts for almost 26% of all retail production nationwide.
Thirty-year conventional FRMs are still relatively cheap at 3.53% with a fee of 49 basis points, MBA found.