Skip to main content

Mortgage Apps Remain Virtually Unchanged Over Last Week's Totals

May 25, 2011

Mortgage applications increased 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending May 20, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 1.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 0.9 percent compared with the previous week. The Refinance Index increased 0.9 percent to its highest level since Dec. 10, 2010. The seasonally adjusted Purchase Index increased 1.5 percent from one week earlier. The unadjusted Purchase Index increased 0.8 percent compared with the previous week and was 3.1 percent higher than the same week one year ago. The Mortgage Bankers Association (MBA) found that the four week moving average for the seasonally adjusted Market Index is up 5.2 percent. The four week moving average is up 1.2 percent for the seasonally adjusted Purchase Index, while this average is up 7.1 percent for the Refinance Index. The refinance share of mortgage activity increased to 66.8 percent of total applications from 66.7 percent the previous week. This is the highest refinance share since Jan. 28, 2011. The adjustable-rate mortgage (ARM) share of activity decreased to 5.8 percent from 6.3 percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.60 percent, with points decreasing to 0.69 from 0.93 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also increased from last week. The average contract interest rate for 15-year fixed-rate mortgages increased to 3.78 percent from 3.75 percent, with points decreasing to 1.04 from 1.22 (including the origination fee) for 80 percent LTV loans. The effective rate also decreased from last week.
About the author
Published
May 25, 2011
Maximum Acceleration, Originator Connect Network Sign Exclusive CE Agreement

Pact gives OCN guaranteed live CE at shows, creates nationwide opportunity for Maximum Acceleration

Apr 17, 2024
CMG Acquires Norcom Mortgage's Retail Side

The 25-branch addition will enhance CMG’s northeastern presence from Maryland to Maine.

Apr 12, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

NEXA Begins Search For New CFO

NEXA CEO retires the president position after Mat Grella's termination.

Apr 01, 2024
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024