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Mortgage Apps Down Nearly Two Percent According to Latest MBA Survey

NationalMortgageProfessional.com
Nov 13, 2013

Mortgage applications decreased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 8, 2013. This week's results are compared to a revised level from last week. That decline, initially reported as -7.0 percent, was revised to -2.8 percent. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased three percent compared with the previous week. The Refinance Index decreased two percent from the previous week. The seasonally adjusted Purchase Index decreased one percent from one week earlier. The unadjusted Purchase Index decreased three percent compared with the previous week and was six percent lower than the same week one year ago. The refinance share of mortgage activity remained unchanged from the previous week at 66 percent. The adjustable-rate mortgage (ARM) share of activity increased to seven 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 4.44 percent, the highest level in a month, from 4.32 percent, with points increasing to 0.44 from  0.42 (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 4.48 percent, the highest level in a month, from 4.37 percent, with points increasing to 0.34 from 0.26 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.16 percent from 4.07 percent, with points increasing to 0.32 from 0.22 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 15-year fixed-rate mortgages increased to 3.52 percent, the highest level in a month, from 3.44 percent, with points decreasing to 0.27 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs increased to 3.11 percent from 3.08 percent, with points decreasing to 0.27 from 0.31 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
Published
Nov 13, 2013