Mortgage Insurers Slip as Demand for Apps, Refis Wanes (MBI) (RDN) (AGO)
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Radian Group (NYSE: RDN), MGIC Investment (NYSE: MTG), Assured Guaranty (NYSE: AGO), Old Republic International (NYSE: ORI), MBIA, Inc. (NYSE: MBI) and other mortgage insurers are lower on the session as new applications fell last week.
The Mortgage Bankers Association (MBA) Index slipped 13.5 percent last week on a seasonally-adjusted basis, or 23 percent unadjusted. Further, the refinance index fell 28 percent while the seasonally-adjusted purchase index dipped 2.7 percent.
With rates melting higher, demand for new homes or refinancing existing debt ebbs. Many are also looking to a FOMC meeting next week, which may indicated that the Fed will begin tapering of its quatitative easing measures and may move up plans to hike key rates, making borrowing a costlier venture.
The Mortgage Bankers Association (MBA) Index slipped 13.5 percent last week on a seasonally-adjusted basis, or 23 percent unadjusted. Further, the refinance index fell 28 percent while the seasonally-adjusted purchase index dipped 2.7 percent.
With rates melting higher, demand for new homes or refinancing existing debt ebbs. Many are also looking to a FOMC meeting next week, which may indicated that the Fed will begin tapering of its quatitative easing measures and may move up plans to hike key rates, making borrowing a costlier venture.
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