Skip to main content

MBA: Rates Rise and Refis Drop 20 Percent Over Last Week

NationalMortgageProfessional.com
Dec 01, 2010

The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending Nov. 26, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 16.5 percent on a seasonally adjusted basis from one week earlier. This week's results include an adjustment to account for the Thanksgiving holiday. On an unadjusted basis, the Index decreased 34.2 percent compared with the previous week. The Refinance Index decreased 21.6 percent from the previous week. This is the third weekly decrease for the Refinance Index which reached its lowest level since June 2010. The seasonally adjusted Purchase Index increased 1.1 percent from one week earlier and is at its highest level since the beginning of May 2010. The unadjusted Purchase Index decreased 22.9 percent compared with the previous week and was 2.7 percent higher than the same week one year ago. The four week moving average for the seasonally adjusted Market Index is down 5.8 percent. The four week moving average is up 3.8 percent for the seasonally adjusted Purchase Index, while this average is down 8.2 percent for the Refinance Index. The refinance share of mortgage activity decreased to 74.9 percent of total applications from 78.6 percent the previous week. This is the third consecutive weekly decrease for refinance share which is at its lowest level since June 2010. The adjustable-rate mortgage (ARM) share of activity increased to 5.7 percent from 5.3 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.56 percent from 4.50 percent, with points increasing to 0.96 from 0.87 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The average contract interest rate increased for the fourth time in five weeks and is at the highest level reported since August 2010. The effective rate also increased from last week. The average contract interest rate for 15-year fixed-rate mortgages increased to 3.91 percent from 3.83 percent, with points decreasing to 0.88 from 1.04 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from last week. For more information, visit www.mortgagebankers.org.
Published
Dec 01, 2010
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023