Mortgage applications increased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 26, 2013. The Market Composite Index, a measure of mortgage loan application volume, increased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased two percent compared with the previous week. The Refinance Index increased three percent from the previous week and is at its highest level since the week ending Jan. 18, 2013. The seasonally adjusted Purchase Index decreased 1.4 percent from one week earlier. The unadjusted Purchase Index decreased 0.5 percent compared with the previous week and was 13 percent higher than the same week one year ago.
The refinance share of mortgage activity was unchanged at 75 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity was unchanged at 4 percent of total applications. The HARP share of refinance applications increased from 32 percent last week to 34 percent this week, the highest level since MBA began tracking HARP applications in February 2012.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.60 percent, the lowest rate since December 2012, from 3.65 percent, with points decreasing to 0.30 from 0.41 (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) increased to 3.80 percent from 3.75 percent, with points decreasing to 0.29 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.34 percent from 3.37 percent, with points decreasing to 0.37 from 0.64 (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 2.84 percent, the lowest rate since December 2012, from 2.89 percent, with points decreasing to 0.26 from 0.40 (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 2.62 percent, with points increasing to 0.22 from 0.21 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
