Skip to main content

Mortgage Apps Plunge Nearly 14 Percent in a Week

Sep 11, 2013

Mortgage applications decreased 13.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 6, 2013. This week’s results included an adjustment for the Labor Day holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 13.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 23 percent compared with the previous week. The Refinance Index decreased 20 percent from the previous week. The Refinance Index has fallen 71 percent from its recent peak the week of May 3, 2013 and is at the lowest level since June 2009. The seasonally adjusted Purchase Index decreased three percent from one week earlier. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was seven percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 57 percent of total applications from 61 percent the previous week and is at its lowest level since April 2010. The adjustable-rate mortgage (ARM) share of activity was unchanged at seven percent of total applications. The HARP share of refinance applications was unchanged from the prior week at 38 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.80 percent from 4.73 percent, with points increasing to 0.46 from 0.33 (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 4.84 percent from 4.71 percent,with points increasing to 0.41 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 4.56 percent from 4.48 percent,with points increasing to 0.28 from 0.03 (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 3.83 percent from 3.75 percent, with points increasing to 0.42 from 0.30 (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 3.59 percent from 3.49 percent,with points increasing to 0.43 from 0.37 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.
About the author
Published
Sep 11, 2013
STRATMOR, Teraverde Deal A 'Merger Of Equals'

The recent merger of mortgage advisory firms came without the need to lay people off or make any major staffing changes.

May 23, 2024
NEXA Pays Loan Officers 100% Of Commission Splits

LOs won't pay per-file fees or other hidden fees with NEXA100, says NEXA Founder and CEO Mike Kortas.

May 22, 2024
The Right Prescription

‘Doctor Loans’ making healthy strides in Florida

May 21, 2024
123 Newrez Employees Laid Off In Florida and Colorado

WARN Notices were filed the day after Computershare Mortgage Services, SLS acquisition closed.

May 07, 2024
Ishbia Predicts A Rate Cut By Election Day

CEO of United Wholesale Mortgage shares 'personal perspective' in new YouTube video

May 03, 2024
Yield Curve, Schmield Curve?

The yield curve is a harbinger, not the be-all, end-all for lenders.

May 02, 2024