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Mortgage Apps Take a Near Five Percent Weekly Tumble

NationalMortgageProfessional.com
Aug 21, 2013

Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Aug. 16, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 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 eight percent from the previous week. The Refinance Index has dropped 62.1 percent from the recent peak reached during the week of May 3, 2013. The seasonally adjusted Purchase Index increased one percent from one week earlier. The unadjusted Purchase Index decreased 0.4 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 62 percent of total applications from 63 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to six percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.68 percent from 4.56 percent, with points increasing to 0.42 from 0.39 (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 $417,000) increased to 4.74 percent from 4.57 percent, with points increasing to 0.28 from 0.25 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.40 percent from 4.25 percent, with points decreasing to 0.21 from 0.30 (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 3.71 percent from 3.60 percent, with points decreasing to 0.32 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 3.44 percent from 3.36 percent, with points increasing to 0.48 from 0.37 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.
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