Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Aug. 2, 2013. The Market Composite Index, a measure of mortgage loan application volume, increased 0.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was essentially unchanged compared with the previous week. The Refinance Index was unchanged from the previous week. The seasonally adjusted Purchase Index increased one percent from one week earlier. The unadjusted Purchase Index also increased one percent compared with the previous week and was eight percent higher than the same week one year ago.
The refinance share of mortgage activity was unchanged at 63 percent of total applications from previous week. The adjustable-rate mortgage (ARM) share of activity remained constant at six percent of total applications. The HARP share of refinance applications decreased to 36 percent from 37 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.61 percent from 4.58 percent,with points increasing to 0.42 from 0.38 (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) was unchanged at 4.64 percent,with points decreasing to 0.34 from 0.39 (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 4.33 percent from 4.30 percent,with points decreasing to 0.26 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 decreased to 3.66 percent from 3.67 percent, with points increasing to 0.43 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 was unchanged at 3.39 percent,with points increasing to 0.37 from 0.36 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.
