Apps Drop 6.5 Percent From Previous Week in Latest MBA Survey – NMP Skip to main content

Apps Drop 6.5 Percent From Previous Week in Latest MBA Survey

NationalMortgageProfessional.com
Mar 02, 2011

Mortgage applications decreased 6.5 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Feb. 25, 2011. The results do not include an adjustment for the Presidents' Day holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 6.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.5 percent compared with the previous week. The Refinance Index decreased 6.5 percent from the previous week. The seasonally adjusted Purchase Index decreased 6.1 percent from one week earlier. The unadjusted Purchase Index decreased 3.5 percent compared with the previous week and was 19.6 percent lower than the same week one year ago. The four week moving average for the seasonally adjusted Market Index is down 2.5 percent. The four week moving average is down 2.2 percent for the seasonally adjusted Purchase Index, while this average is down 2.7 percent for the Refinance Index. The refinance share of mortgage activity decreased to 64.9 percent of total applications from 65.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.5 percent from 5.6 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.84 percent from 5.00 percent, with points increasing to 1.30 from 0.96 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the third consecutive weekly decrease for the 30-year contract rate. The effective rate also decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.17 percent from 4.28 percent, with points increasing to 1.07 from 0.80 (including the origination fee) for 80 percent LTV loans. The effective rate also decreased from last week. For more information, visit www.mortgagebankers.org.
Published
Mar 02, 2011
KBRA Assigns Preliminary Ratings To CSMC 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to CSMC 2022-NQM1, a $553.7 million non-prime RMBS transaction sponsored by DLJ Mortgage Capital, Inc.

Non-QM
Jan 25, 2022
Hunt Mortgage Appoints Chief Operating Officer

Bindiya Jain previously has served as a vice president at South Shore Bank and at UniBank for Saving. 

Industry News
Jan 25, 2022
Guild Mortgage Names VP Of Marketplace Diversity Strategy

Guild Mortgage named Victoria Garcia DeLuca as the company's vice president of marketplace diversity strategy, which is aimed at increasing homeownership among minorities and underserved markets.

Industry News
Jan 25, 2022
Deephaven Introduces Jumbo-Prime Loans

Non-agency/non-QM Deephaven Mortgage announced a new jumbo-prime loan product, as it looks to help mortgage banks and brokers compete for high-net-worth borrowers.

Jumbo
Jan 25, 2022
Rocket Mortgage Brokers Now Backed By A Crew Of Experts

Every broker partner with the company will have direct access to a small, dedicated team of mortgage experts to answer their loan questions.

Industry News
Jan 24, 2022
Atlanta Real Estate Agent Sentenced For Running Multi-Year Mortgage Fraud Scheme

So far, up to 11 people have plead guilty in Federal Court to the multi-year mortgage fraud scheme, which netted more than $21 million in fraudulent mortgage loans.

Industry News
Jan 24, 2022