Mortgage applications decreased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Aug. 9, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased five percent compared with the previous week. The Refinance Index decreased four percent from the previous week. The seasonally adjusted Purchase Index decreased five percent from one week earlier. The unadjusted Purchase Index decreased six percent compared with the previous week and was four percent higher than the same week one year ago.
The refinance share of mortgage activity remained unchanged at 63 percent.The adjustable-rate mortgage (ARM) share of activity increased to six percent of total applications. The government share of purchase applications was 29 percent, well below the long term average of the series at 38 percent. The HARP share of refinance applications decreased to 35 percent from 36 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.56 percent from 4.61 percent,with points decreasing to 0.39 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 4.57 percent from 4.64 percent,with points decreasing to 0.25 from 0.34 (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 4.25 percent from 4.33 percent,with points increasing to 0.30 from 0.26 (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 3.60 percent from 3.66 percent, with points decreasing to 0.35 from 0.43 (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 3.36 percent from 3.39 percent,with points unchanged at 0.37 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
