ChartManager.loadChart(‘purchaseappschart’, ‘PurchaseMtgAppChart’);

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As noted, applications for homernpurchases were down, decreasing by 2 percent on a seasonally adjusted basisrnfrom the week ended August 22.  Thernunadjusted Purchase Index declined 4 percent from the previous week’s level andrnwas down 12 percent compared to the same week in 2013.</p

Refinance Index vs 30 Yr Fixed</p

ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);

</p

Mortgage rates again were mixed.  The 30-year conforming fixed-rate mortgagern(FRM) with loan balances of $417,000 or less had an average contract interestrnrate of 4.25 percent, the lowest rate since June 2013, with 0.24 points.  The rate the previous week was 4.28 percent withrn0.25 point.  The effective rate alsorndecreased. </p

The average contract rate of jumborn30-year FRM, loans with origination balances exceeding $417,000, were unchangedrnat 4.22 percent while points decreased to 0.19 from 0.28.  The effective rate decreased.</p

The rate of FHA-back 30-year FRM increasedrnone basis point to 3.99 percent while points decreased to 0.03 from 0.13.  The effective rate decreased.</p

Fifteen-year FRM rates also increasedrnone basis point to 3.48 percent.  Pointsrndecreased to 0.30 from 0.34 and the effective rate remained unchanged. </p

The market share of adjustable raternmortgage (ARM) applications declined slightly to 7.8 percent of all applicationsrnreceived from 8.0 percent the previous week. rnThe average contract interest rate for the 5/1 ARM jumped from 3.10rnpercent with 0.52 point to 3.19 percent with 0.45 point and the effective raternincreased. </p

MBA’s data comes from its WeeklyrnMortgage Application Survey which it has conducted since 1990.  Survey respondents include mortgage bankers,rncommercial banks, and thrifts and data covers over 75 percent of retailrnresidential mortgage applications in the U.S. rnBase period and value for all indexes is March 16, 1990=100 and interestrnrates are based on loans with an 80 percent loan to value ratio.  Points include the origination fee.

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