Blog
Mortgage Applications Fall as Rates Move Higher in MBA Survey
The MortgagernBankers Association (MBA) reports that mortgage applications activity droppedrnslightly during the week ended November 16 compared to the week ended Novemberrn9. The Market Composite Index, a measurernof application volume, was down 2.2 percent on a seasonally adjusted basis withrnan adjustment for the shorter week due to the Veterans Day holiday. On an unadjusted basis the index was down 13rnpercent.</p
The RefinancernIndex decreased 3 percent from the previous week and refinancing held on to thernsame 81 percent market share as during that week. The seasonally adjusted Purchase Indexrnincreased 3 percent week-over-week and the unadjusted index was 6 percent lowerrnthan the same week in 2011.</p
Purchase Index vs 30 Yr Fixed</b</p
ChartManager.loadChart(‘purchaseappschart’, ‘PurchaseMtgAppChart’);
</p
Refinance Index vs 30 Yr Fixed</p
ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);
</p
The jumbo version of the 30-year FRM had an averagerncontract interest rate of 3.76 percent with 0.40 point compared to 3.83 percentrnwith 0.41 point the previous week. Therneffective rate also decreased. </p
Rates for 30-year FRM backed by the FHA increased to 3.36rnpercent from 3.34 percent but points dropped to 0.63 from 0.78 causing therneffective rate to drop.</p
The average contract interest rate for 15-year fixed-raternmortgages edged up one basis point to 2.89 percent while points decreased to 0.25 from 0.37 and the effective raterndecreased from the previous week.</p
Adjustable rate mortgage (ARM) applications were uprnslightly for the week but when rounded remained at a 4 percent marketrnshare. The average interest rate for 5/1rnARMs increased to 2.62 percent from 2.60 percent, withrnpoints increasing to 0.37 from 0.30 and the effective rate increased.</p
Interest rate information is for loans with an 80 percentrnloan to value ratio and points include the origination fee.</p
Volume and rate information are derived from MBA’s WeeklyrnMortgage Application Survey of mortgage bankers, commercial banks, and thriftsrncovering 75 percent of national mortgage activity. The survey has been conducted since 1990 andrnthe base period and value for all indices is March 16, 1990.
All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.
About the Author
devteam
Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.
See all blogsLatest Articles
By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...
Late-Stage Delinquencies are SurgingAug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...
Published by the Federal Reserve Bank of San FranciscoIt was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...
Comments
Leave a Comment