MBA: Mortgage Rates Drop to New Survey Lows – NMP Skip to main content

MBA: Mortgage Rates Drop to New Survey Lows

NationalMortgageProfessional.com
May 30, 2012

Mortgage applications decreased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 25, 2012. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.6 percent compared with the previous week. The Refinance Index decreased 1.5 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.6 percent from one week earlier. The unadjusted Purchase Index decreased 1.8 percent compared with the previous week and was 3.9 percent lower than the same week one year ago. The four week moving average for the seasonally adjusted Market Index is up 3.23 percent. The four week moving average is down 0.67 percent for the seasonally adjusted Purchase Index, while this average is up 4.36 percent for the Refinance Index. The refinance share of mortgage activity remained unchanged at 76.6 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.9 percent from five percent of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,500 or less) decreased to 3.91 percent, the lowest rate in the history of the survey, from 3.93 percent, with points increasing to 0.46 from 0.39 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week. The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,500) decreased to 4.23 percent from 4.25 percent, with points decreasing to 0.40 from 0.42 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 30-year FRMs backed by the FHA decreased to 3.70 percent, the lowest rate in the history of the survey, from 3.73 percent, with points increasing to 0.59 from 0.57 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 15-year FRMs decreased to 3.23 percent, the lowest rate in the history of the survey, from 3.26 percent, with points decreasing to 0.39 from 0.42 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 5/1 ARMs decreased to 2.77 percent, the lowest rate in the history of the survey, from 2.83 percent, with points decreasing to 0.38 from 0.42 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
Published
May 30, 2012
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021