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Refinancing Share of Mortgage Applications at 10 Month Low
Applications for refinancing representedrn75 percent of all mortgage activity last week compared to 76 percent the weekrnbefore according to the Weekly Mortgage Applications Survey conducted by thernMortgage Bankers Association (MBA). Thernweek ended March 15 was the 10th straight week that refinancing lostrnmarket share and it was at the lowest level since last May. Applications for refinancing through the HARPrnprogram increased to 31 percent of refinancing applications compared to 30rnpercent during the week ended March 8. </p
MBA’s Market Composite Index, a measurernof overall mortgage application volume, was down 7.1 percent on a seasonallyrnadjusted basis and 7.0 percent unadjusted from the previous week. ThernRefinancing Index declined 8 percent. rnThe seasonally adjusted Purchase Index fell 4 percent and the unadjustedrnindex 3 percent compared to the previous week. rnThe unadjusted index was 6 percent higher than it was one year earlier. </p
Purchase Index vs 30 Yr Fixed</b</p
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Refinance Index vs 30 Yr Fixed</p
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Thernaverage contract interest rate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,500 or less) increasedrnto 3.82 percent with 0.38 point from 3.81 percent, with 0.39 point and the effective rate increasedrnfrom the previous week. The jumborn30-year FRM increased to 3.95 percent from 3.90 percent, withrnpoints decreasing to 0.36 from 0.46 and the effective rate increased.</p
The average raternfor FHA-backed 30-year FRM was unchanged at 3.53 percent with points decreasingrnto 0.31 from 0.38 thus lowering the effective rate. The government share of purchase applicationsrndeclined to 33 percent, its lowest level since January 2009.</p
The averagerncontract interest rate for 15-year fixed-rate mortgages increased torn3.02 percent from 3.01 percent, with points decreasing to 0.36 from 0.42. The effective rate also decreased. </p
The contractrnrate for 5/1 adjustable rate mortgages (ARMs) dipped 3 basis points to 2.59rnpercent while points increased from 0.33 to 0.40. The effective rate decreased. Thernadjustable-rate mortgage (ARM) share of activity remained constant at 5 percent of total applications. </p
All ratesrnquoted are for mortgages with loan-to-value ratios of 80 percent. Points include the origination fee.</p
MBA’s survey has been conducted weekly since 1990 and coversrnover 75 percent of all U.S. retail residential mortgage applications. Respondentsrninclude mortgage bankers, commercial banks and thrifts. Base period andrnvalue for all indexes is March 16, 1990=100.</p
All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.
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