Mortgage applications increased 7.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 22, 2013. The Market Composite Index, a measure of mortgage loan application volume, increased 7.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased eight percent compared with the previous week. The Refinance Index increased eight percent from the previous week. The seasonally adjusted Purchase Index increased seven percent from one week earlier. The unadjusted Purchase Index increased seven percent compared with the previous week and was 10 percent higher than the same week one year ago.
The refinance share of mortgage activity remained unchanged at 75 percent of total applications. The adjustable-rate mortgage (ARM) share of activity decreased to five percent of total applications. The HARP share of refinance applications decreased to 29 percent from 31 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 3.79 percent from 3.82 percent, with points increasing to 0.44 from 0.38 (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 3.90 percent from 3.95 percent, with points increasing to 0.42 from 0.36 (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 3.51 percent from 3.53 percent, with points increasing to 0.43 from 0.31 (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 remained unchanged at 3.02 percent, with points increasing to 0.42 from 0.36 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.58 percent from 2.59 percent, with points decreasing to 0.32 from 0.40 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
