Skip to main content

Refi apps increase in latest MBA survey

NationalMortgageProfessional.com
Mar 03, 2010

The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending Feb. 26, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 14.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15.5 percent compared with the previous week. "Mortgage applications rebounded last week, particularly refis, as rates dropped back below five percent," said Michael Fratantoni, MBA's vice president of research and economics. "Purchase activity remains subdued, with application volumes remaining within the narrow range seen in the last few months." The Refinance Index increased 17.2 percent from the previous week and the seasonally adjusted Purchase Index increased nine percent from one week earlier. The unadjusted Purchase Index increased 11.7 percent compared with the previous week and was 9.8 percent lower than the same week one year ago. The four week moving average for the seasonally adjusted Market Index is up 0.4 percent. The four week moving average is down 2.7 percent for the seasonally adjusted Purchase Index, while this average is up 1.8 percent for the Refinance Index. The refinance share of mortgage activity increased to 69.1 percent of total applications from 68.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.8 percent from 4.7 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.95 percent from 5.03 percent, with points decreasing to 0.99 from 1.34 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.27 percent from 4.35 percent, with points increasing to 1.36 from 1.31 (including the origination fee) for 80 percent LTV loans. This is the lowest 15-year fixed-rate observed in the survey since the week ending November 27, 2009. The average contract interest rate for one-year ARMs decreased to 6.77 percent from 6.80 percent, with points decreasing to 0.29 from 0.33 (including the origination fee) for 80 percent LTV loans. For more information, visit www.mortgagebankers.org.  
Published
Mar 03, 2010
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021
Fugo Appoints Bahlman As VP, Client Relations & Sales

Brings 19 Years of Experience To Texas-Based Back-Office Support Company

Industry News
Sep 16, 2021
Envoy Mortgage Expands To Atlanta

Envoy Mortgage lender expanded its Southeast operations to Atlanta, GA.

Industry News
Sep 15, 2021
FHFA Suspends Controversial PSPA Amendments

Today, the FHFA will be suspending controversial provisions added to the Preferred Stock Purchase Agreement (PSPA) on January 14, 2021.

Industry News
Sep 15, 2021
Covius Holdings To Acquire Nationwide Title Clearing

All 670 NTC Employees, Including Senior Management, Will Join Covius

Industry News
Sep 14, 2021
MBA Appoints AVP Of Diversity, Equity, & Inclusion

Promotes Amber Lawrence From Position As Associate Director Of Career Development Programs

Industry News
Sep 14, 2021