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Mortgage Apps Rise Slightly Over Last Week

NationalMortgageProfessional.com
Dec 11, 2013

Mortgage applications increased one percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Dec. 6, 2013. The previous week’s results included an adjustment for the Thanksgiving holiday. The Market Composite Index, a measure of mortgage loan application volume, increased one percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 43 percent compared with the previous week. The Refinance Index increased two percent from the previous week and was 16 percent lower than the week prior to Thanksgiving. The seasonally adjusted Purchase Index increased one percent from one week earlier and was three percent lower than the week prior to Thanksgiving. The unadjusted Purchase Index increased 37 percent compared with the previous week and was 10 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 65 percent of total applications from 63 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.1 percent of total applications and is at its highest level since July of 2008. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.61 percent, the highest rate since September, from 4.51 percent, with points decreasing to 0.26 from  0.38 (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 4.59 percent, the highest rate since September, from 4.49 percent, with points decreasing to 0.15 from 0.24 (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 4.30 percent, the highest rate since September, from 4.17 percent, with points increasing to 0.38 from 0.36 (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 3.66 percent, the highest rate since September, from 3.56 percent, with points decreasing to 0.31 from 0.32 (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 3.09 percent, with points increasing to 0.35 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
Published
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