Skip to main content

Mortgage Apps See 1.2 Percent Weekly Drop

NationalMortgageProfessional.com
Jul 24, 2013

Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 19, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased one percent compared with the previous week. The Refinance Index decreased one percent from the previous week driven by a 12 percent drop in the Government Refinance index, while the Conventional Refinance index rose by two percent. The Refinance Index is at the lowest level since July 2011. The seasonally adjusted Purchase Index decreased two percent from one week earlier. The unadjusted Purchase Index decreased two percent compared with the previous week and was six percent higher than the same week one year ago. The refinance share of mortgage activity remained unchanged at 63 percent of total applications.The adjustable-rate mortgage (ARM) share of activity decreased to seven 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 4.58 percent from 4.68 percent,with points decreasing to 0.40 from 0.42 (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 4.66 percent from 4.81 percent,with points increasing to 0.41 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 decreased to 4.28 percent from 4.38 percent,with points increasing to 0.33 from 0.22 (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 3.63 percent from 3.70 percent, with points decreasing to 0.35 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 ARMsdecreased to 3.30 percent from 3.39 percent,with points decreasing to 0.34 from 0.37 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
Published
Jul 24, 2013
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022
Nominations Open For Industry Titans Award

NMP Magazine to honor people who represent industry with professionalism.

Industry News
Sep 23, 2022