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Mortgage Applications Drift Lower during Holiday Shortened Week
The volume of mortgagernapplications fell for the third straight week during the period ended Novemberrn15 the Mortgage Bankers Association (MBA) said today. The Market Composite Index, a measure ofrnapplication volume, decreased 2.3 percent on a seasonally adjusted basis andrnwith an adjustment to account for the Veterans’ Day holiday. On an unadjusted basis the index was down 13rnpercent compared to the previous week.</p
The Refinancing Index was down 7rnpercent from volume during the week ended November 8 and the portion of allrnapplications that were for refinancing declined to 64 percent from 66 percentrnthe prior week. The seasonally adjustedrnPurchase Index rose 6 percent from the previous week but on an unadjusted basisrnin was down 8 percent week-over-week and was 3 percent lower than during thernsame week in 2012. </p
Refinance Index vs 30 Yr Fixed</p
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Purchase Index vs 30 Yr Fixed</b</p
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Results from MBA’s WeeklyrnMortgage Application Survey showed a mixed pattern of mortgage interest rates</achanges. The average contract rate forrn30-year fixed-rate mortgages (FRM) with conforming loan balances of $417,000 orrnless increased to 4.46 percent from 4.44 percent with points decreasing to 0.38rnfrom 0.44 and the effective rate was down.</p
The average contract rate and therneffective rate for jumbo 30-year FRMs decreased from the previous week. The new contract rate was 4.47 percent withrn0.22 point, down from 4.48 percent with 0.34 point.</p
FHA-backed 30-year FRM had a raternof 4.14 percent, down 2 basis points from the previous week and pointsrndecreased to 0.25 from 0.32. Therneffective rate decreased.</p
The rate for 15-year FRM wasrnunchanged at 3.52 percent while points increased to 0.33 from 0.27. The effective rate increased.</p
Applications for adjustable raternmortgages (ARMs) maintained a 7 percent market share. The average rate for 5/1rnARMS increased 1 basis point to 3.12 percent with points increasing to 0.37rnfrom 0.27. The effective rate increased.</p
All interest rates are based onrnloans with an 80 percent loan-to-value ratio. rnPoints include the origination fee.</p
MBA’s weekly survey has beenrnconducted since 1990 among mortgage bankers, commercial banks and thrifts. It covers over 75 percent of all U.S. retailrnresidential mortgage applications and the base period and value for all indexesrnin March 16, 1990=100.
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About the Author
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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
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