Skip to main content

Home Purchase Volume Nearly Five Percent Higher Year-Over-Year

NationalMortgageProfessional.com
Jul 31, 2013

Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 26, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased four percent compared with the previous week. The Refinance Index decreased four percent from the previous week. The seasonally adjusted Purchase Index decreased three percent from one week earlier. The unadjusted Purchase Index also decreased three percent compared with the previous week and was five percent higher than the same week one year ago. “Mortgage rates were little changed last week, but remain roughly one percentage point higher than they were three months ago,” said Mike Fratantoni, MBA’s vice president of Research and Economics.  “Refinance application volume continues to decline, with the refinance index now more than 55 percent lower than its recent peak, reaching the lowest level in over two years. Applications for home purchases dropped for the fourth time in five weeks, but purchase volume is running about five percent higher than last year at this time.” The refinance share of mortgage activity was unchanged at 63 percent of total applications from the previous week.The adjustable-rate mortgage (ARM) share of activity decreased to6 percent of total applications. The HARP share of refinance applications increased to 37 percent from 34 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 4.58 percent,with points decreasing to 0.38 from 0.40 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.64 percent from 4.66 percent,with points decreasing to 0.39 from 0.41 (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 4.30 percent from 4.28 percent,with points decreasing to 0.31 from 0.33 (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 increased to 3.67 percent from 3.63 percent, with points increasing to 0.40 from 0.35 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs increased to 3.39 percent from 3.30 percent,with points increasing to 0.36 from 0.34 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.
Published
Jul 31, 2013
Fitch To Rate BRAVO 2021-NQM3, Presale Issued

Fitch Ratings assigned its expected ratings to Bravo Residential Funding Trust's 2021-NQM3 supported by 934 loans with a total interest-bearing balance of approximately $346 million as of the cutoff date, according to Fitch.

Non-QM
Oct 28, 2021
Guild Mortgage Announces Medical Professional Mortgage Program

Guild Mortgage introduced a new mortgage product to help medical professionals buy their first home with no down payment.

Industry News
Oct 27, 2021
Mortgage Coach And HomeBinder Partner On New Integration For Homeowners

Mortgage Coach announced a new integration with HomeBinder aimed to help homeowners stay connected with their lenders.

Tech
Oct 27, 2021
Non-QM Lender Angel Oak Appoints David Raju As Group CIO

Firm continues to seek ways to optimize data and improve technology capabilities.

Non-QM
Oct 27, 2021
Evergrande Steadily Repays Debt While Taking On New Risk

Evergrande Chairman Hui Ka Yan has ambitious plans, signaling last Friday that the firm wants to move away from housing and focus on making electric cars. 

Industry News
Oct 26, 2021
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021