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Mortgage Apps Continue to Drop, Down 2.6 Percent Over Last Week

NationalMortgageProfessional.com
Jul 17, 2013

Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 12, 2013. The preceding week’s results included an adjustment for the July 4th holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22 percent compared with the previous week. The Refinance Index decreased four percent from the previous week and is at its lowest level since July 2011. The seasonally adjusted Purchase Index increased one percent from one week earlier. The unadjusted Purchase Index increased 26 percent compared with the previous week and was five percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 63 percent of total applications from 64 percent the previous week and is at its lowest level since April 2011.The adjustable-rate mortgage (ARM) share of activity increased to seven percent of total applications. The HARP share of refinance applications decreased to 34 percent from 35 percent the week prior. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) was unchanged at 4.68 percent, with points decreasing to 0.42 from 0.46 (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 4.81 percent from 4.86 percent,with points increasing to 0.40 from 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 increased to 4.38 percent from 4.37 percent,with points decreasing to 0.22 from 0.39 (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 3.70 percent from 3.76 percent, with points decreasing to 0.38 from 0.41 (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 3.39 percent from 3.40 percent, with points decreasing to 0.37 from 0.54 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
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