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Apps Drop 2.2 Percent Week-Over-Week

NationalMortgageProfessional.com
Nov 21, 2012

Mortgage applications decreased 2.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 16, 2012. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13 percent compared with the previous week. The Refinance Index decreased three percent from the previous week. The seasonally adjusted Purchase Index increased three percent from one week earlier. The unadjusted Purchase Index decreased 11 percent compared with the previous week and was six percent lower than the same week one year ago. The refinance share of mortgage activity remained unchanged at 81 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to four percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.54 percent from 3.52 percent, with points decreasing to 0.40 from 0.41 (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 fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.76 percent from 3.83 percent, with points decreasing to 0.40 from 0.41 (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 increased to 3.36 percent from 3.34 percent, with points decreasing to 0.63 from 0.78 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages increased to 2.89 percent from 2.88 percent, with points decreasing to 0.25 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 increased to 2.62 percent from 2.60 percent, with points increasing to 0.37 from 0.30 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.
Published
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