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Mortgage Apps Down 5.5 Percent From Last Week

NationalMortgageProfessional.com
Dec 18, 2013

Mortgage applications decreased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Dec. 13, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased six percent compared with the previous week. The Refinance Index decreased four percent from the previous week. The seasonally adjusted Purchase Index decreased six percent from one week earlier to the lowest level since December 2012. The unadjusted Purchase Index decreased nine percent compared with the previous week and was 12 percent lower than the same week one year ago. "Mortgage applications fell further last week, with the market index falling to its lowest level in more than a dozen years,” said Mike Fratantoni, MBA’s VP of research and economics. “Both purchase and refinance applications fell as interest rates increased going into today's Federal Open Market Committee meeting." The refinance share of mortgage activity increased to 66 percent of total applications from 65 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at eight 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 4.62 percent, the highest level since September 2013, from 4.61 percent, with points increasing to 0.38 from 0.26 (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 4.61 percent, the highest level since September 2013, from 4.59 percent, with points increasing to 0.24 from 0.15 (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 decreased to 4.25 percent from 4.30 percent, with points decreasing to 0.32 from 0.38 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.66 percent, with points increasing to 0.35 from 0.31 (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 3.20 percent from 3.11 percent, with points increasing to 0.42 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
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