Blog
Mortgage Applications Reverse 5 Week Slide
Mortgage applications reversed a five week slide during the week endedrnApril 11 as applications for both purchasing and refinancing increased from levelsrnthe previous week. The Mortgage BankersrnAssociation (MBA) reported this morning that its Market Composite Index, arnmeasure of application volume, increased 4.3 percent on a seasonally adjustedrnbasis from the volume reported during the week ended April 4 and was 5 percent higherrnon an unadjusted basis. </p
The Refinance Index increased 7 percent from the previous week and the share of applications that wererndesignated for refinancing ticked up for the first time since the week endedrnJanuary 24, rising from 51 percent last week to 52 percent this week.</p
Refinance Index vs 30 Yr Fixed</p
ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);
</p
The seasonally adjusted<bPurchase Index increasedrn1 percent from one week earlierrnand the unadjusted Purchase Index increasedrn2 percent comparedrnwith the previous week and was 16 percentrnbelow the same week inrn2013. </p
Purchase Index vs 30 Yr Fixed</b</p
ChartManager.loadChart(‘purchaseappschart’, ‘PurchaseMtgAppChart’);
</p
Bothrncontract and effective mortgage interest rates fell during the week. The average contract rate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less) decreased to 4.47 percent from 4.56 percent, with points decreasing to 0.32 from 0.33. Thernjumbo version of the 30-year FRM (loan balances of $417,000 or more) dropped 10rnbasis points to an average of 4.39 percent and points increased to 0.18 fromrn0.14. </p
The average contractrninterest rate for 30-yearrnfixed-rate mortgages backedrnby the FHA decreased to 4.14 percent from 4.19 percent. Points decreased to 0.06 from 0.16.</p
The average raternfor a 15-year FRM was 3.54 percent with 0.24rnpoint. The previous week the averagernrate was 3.62 percent with 0.31 point. </p
The average contractrninterest rate for 5/1 adjustable rate mortgages (ARMs) decreasedrnto 3.15 percent from 3.26 percent,rnwith points decreasing to 0.41 from 0.50. The ARM share of mortgage activity remained unchanged at 8 percent of totalrnapplications.</p
MBA’s WeeklyrnApplications Survey has been conducted since 1990 and covers over 75 percent of all U.S. retail residential mortgage applications. Respondentsrninclude mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100rnand interest rate quotes are for mortgages with loan-to-value ratios of 80rnpercent. Points include the originationrnfee.
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