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Apps and Refis Drop Three Percent-Plus From Last Week

NationalMortgageProfessional.com
Feb 27, 2013

Mortgage applications decreased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Feb. 22, 2013 This week’s results did not include an adjustment for the Presidents’ Day holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased three percent compared with the previous week. The Refinance Index decreased three percent from the previous week. The seasonally adjusted Purchase Index decreased five percent from one week earlier and is at its lowest level since the week ending Dec. 28, 2012. The unadjusted Purchase Index decreased two percent compared with the previous week and was 14 percent higher than the same week one year ago. The refinance share of mortgage activity was unchanged from the previous week at 77 percent of total applications and remains at its lowest level since early July 2012. The adjustable-rate mortgage (ARM) share of activity was unchanged at four percent of total applications. The HARP share of refinance applications increased to 30 percent from 29 percent the prior week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.77 percent from 3.78 percent, with points increasing to 0.48 from 0.40 (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 3.93 percent from 3.94 percent, with points decreasing to 0.37 from 0.40 (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 was unchanged at 3.54percent, with points increasing to 0.41 from 0.40 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week. The average contract interest rate for 15-year fixed-rate mortgages was unchanged at 3.03 percent, with points decreasing to 0.34 from 0.38 (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 2.65 percent from 2.66 percent, with points increasing to 0.36 from 0.32 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
Published
Feb 27, 2013
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