The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Application Survey for the two weeks ending Dec. 21, 2012 and Dec. 28, 2012. Mortgage applications for the week ending Dec. 28, 2012 decreased 21.6 percent from the week ending Dec. 14, 2012 (two weeks prior), according to data from the MBA’s Weekly Mortgage Applications Survey. The results include an adjustment to account for the Christmas holiday last Tuesday.
The Refinance Index decreased 23.3 percent compared to the week ending Dec. 14, 2012. The refinance index fell for three consecutive weeks, with the week ending Dec. 28, 2012 at the lowest level since April 2012. The seasonally adjusted Purchase Index decreased 14.8 percent compared with levels reported two weeks ago. The refinance share of mortgage activity remained the same at 82 percent of total applications for the two weeks.
For the week ending Dec. 28, the average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,500 or less) increased to 3.52 percent from 3.51 percent, with points increasing to 0.48 from 0.45 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from the previous week.
The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,500) decreased to 3.75 percent from 3.77 percent, with points decreasing to 0.30 from 0.32 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from the previous week.
The average contract interest rate for 30-year FRMs backed by the FHA decreased to 3.34 percent from 3.35 percent, with points increasing to 0.61 from 0.58 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 15-year FRMs increased to 2.86 percent from 2.84 percent, with points increasing to 0.27 from 0.21 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.
The average contract interest rate for 5/1 ARMs decreased to 2.65 percent from 2.66 percent, with points increasing to 0.42 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate increased from the previous week.
