Mortgage application volume rises 1.3 percent over last week – NMP Skip to main content

Mortgage application volume rises 1.3 percent over last week

NationalMortgageProfessional.com
Aug 04, 2010

The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending July 30, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.4 percent compared with the previous week. The Refinance Index increased 1.3 percent from the previous week. The seasonally adjusted Purchase Index increased 1.5 percent from one week earlier. This third straight weekly increase in the Purchase Index was driven by government purchase applications which increased 3.4 percent from last week, while conventional purchase applications were essentially flat. The unadjusted Purchase Index increased 1.5 percent compared with the previous week, was up 7.1 percent relative to four weeks ago, but was 33.7 percent lower than the same week one year ago. The four week moving average for the seasonally adjusted Market Index is up 0.3 percent. The four week moving average is up 0.9 percent for the seasonally adjusted Purchase Index, while this average is up 0.2 percent for the Refinance Index. The refinance share of mortgage activity remained flat at 78.0 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 5.7 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.60 percent from 4.69 percent, with points increasing to 0.93 from 0.88 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.03 percent from 4.12 percent, with points increasing to 1.01 from 0.83 (including the origination fee) for 80 percent LTV loans. This is the lowest 15-year contract rate ever recorded in the survey. The effective rate also decreased from last week. The average contract interest rate for one-year ARMs decreased to 7.10 percent from 7.15 percent, with points decreasing to 0.21 from 0.23 (including the origination fee) for 80 percent LTV loans. For more information, visit www.mortgagebankers.org.
Published
Aug 04, 2010
Hometown Lenders Adds 9 Branches in 4 States

Adds locations in Oregon, Washington, Alaska, and North Carolina.

Industry News
May 23, 2022
Mortgage Industry Will Soon Be ARMed To The Teeth

ARM loans might be a saving grace to borrowers who recently purchased a home, but it comes with risks.

Industry News
May 20, 2022
Battle Between Loan Originators Gets Sparkly and Dirty

Flowers is suing both Durosko and Peevey for these pranks, demanding compensation for their harmful acts, but that doesn’t tell the whole story. 

Industry News
May 18, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022