Mortgage Apps Slide Slightly From Last Week

Mortgage applications decreased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 22, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9 percent compared with the previous week. The Refinance Index increased 0.1 percent from the previous week. The seasonally adjusted Purchase Index decreased 0.2 percent from one week earlier. The unadjusted Purchase Index increased six percent compared with the previous week and was 35 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 66 percent of total applications from 64 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8 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 4.48 percent from 4.46 percent, with points decreasing to 0.31 from  0.38 (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 $417,000) increased to 4.48 percent from 4.47 percent, with points decreasing to 0.15 from 0.22 (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 4.16 percent from 4.14 percent, with points decreasing to 0.24 from 0.25 (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 remained unchanged at 3.52 percent, with points decreasing to 0.31 from 0.33 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 5/1 ARMs increased to 3.18 percent from 3.12 percent, with points remained unchanged at 0.37 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.