Mortgage Apps Surge 11.1 Percent in Latest MBA Survey – NMP Skip to main content

Mortgage Apps Surge 11.1 Percent in Latest MBA Survey

NationalMortgageProfessional.com
Sep 12, 2012

Mortgage applications increased 11.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Sept. 7, 2012. This week’s results include the customary upward adjustment for the Labor Day holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 11.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12 percent compared with the previous week. The adjusted Refinance Index increased 12 percent from the previous week. The seasonally adjusted Purchase Index increased eight percent from one week earlier. The unadjusted Purchase Index decreased more than 15 percent compared with the previous week and was 7 percent higher than the same week one year ago. The holiday adjusted numbers may overstate the level of refinance applications because some lenders who rely primarily on the Internet/consumer direct channel for originations saw little if any decline in applications for Labor Day as compared with the drops for lenders relying on retail offices, perhaps because borrowers had additional time over the Labor Day weekend to complete online refinance applications. The refinance share of mortgage activity increased to 80 percent of total applications from 79 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.5 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.75 percent from 3.78 percent, with points increasing to 0.44 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.00 percent from 4.05 percent, with points decreasing to 0.30 from 0.32 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.50 percent from 3.54 percent, with points decreasing to 0.43 from 0.44 (including the origination fee) for 80 percent LTVs. This 30-year FHA contract rate marks a new low for the survey. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.07 percent from 3.10 percent, with points increasing to 0.38 from 0.37 (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 2.63 percent from 2.64 percent, with points increasing to 0.47 from 0.35 (including the origination fee) for 80 percent LTVs. This 5/1 ARM contract rate is the lowest recorded in the survey. The effective rate increased from last week.
Published
Sep 12, 2012
OpenClose Launches Mobile Assist

OpenClose, a fintech provider of mortgage software solutions for banks, credit unions, and mortgage lenders launched its native mobile app platform, Mobile Assist.

Tech
Dec 07, 2021
Deephaven Heightens Foreign National DSCR Program

Deephaven is amping up its Foreign National DSCR Program as a response to the increase in the real estate investment market.

Non-QM
Dec 07, 2021
Revolution Mortgage Opens Second Mortgage Branch In Cincinnati

Columbus, OH-based Revolution Mortgage announced the opening of its second branch in Cincinnati and 14th branch in Ohio.

Industry News
Dec 06, 2021
Nations Lending Teams Up With NBA Legend Dennis Rodman On Integrated Brand Campaign

Nations Lending, a full-service national mortgage lender, announced the launch of its first integrated brand campaign starring NBA Champion and All-Star Dennis Rodman.

Sales and Marketing
Dec 06, 2021
Black Couple 'Erased Themselves' From Home, Receives Higher Appraisal

Paul Austin and his wife, Tenisha Tate-Austin are looking to take legal action after receiving a higher appraisal on their home only after “white-washing” their home by removing any trace of themselves.

Industry News
Dec 06, 2021
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021