Mortgage applications increased 14.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 1, 2013. The Market Composite Index, a measure of mortgage loan application volume, increased 14.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15 percent compared with the previous week. The Refinance Index increased 15 percent from the previous week and was at its highest level since mid-January. The seasonally adjusted Purchase Index also increased 15 percent from one week earlier and was at its highest level since the week ending Feb. 1.
The refinance share of mortgage activity was essentially unchanged from the previous week at 77 percent of total applications. The adjustable-rate mortgage (ARM) share of activity was unchanged at four 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 3.70 percent from 3.77 percent, with points decreasing to 0.39 from 0.48 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The contract rate was at its lowest level since the week ending Jan. 25, 2013. 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 3.80 percent from 3.93 percent, with points remaining constant at 0.37 (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 3.47 percent from 3.54 percent, with points decreasing to 0.33 from 0.41 (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 decreased to 2.96 percent from 3.03 percent, the lowest contract rate since the week ending Jan. 25, 2013, with points increasing to 0.36 from 0.34 (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 2.55 percent from 2.65 percent, with points increasing to 0.37 from 0.36 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
