Skip to main content

Mortgage Apps Down 1.2 Percent Week-Over-Week

Mar 19, 2014

Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 14, 2014.  The Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased one percent compared with the previous week. The Refinance Index decreased one percent from the previous week. The seasonally adjusted Purchase Index also decreased one percent from one week earlier. The unadjusted Purchase Index was essentially unchanged compared with the previous week and was 15 percent lower than the same week one year ago. The refinance share of mortgage activity decreased for the sixth straight week to 56.5 percent of total applications from 57 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at eight percent of total applications. “The recent volatility in the bond market may be leaving some potential homebuyers balancing on the fence until they see rates stabilize a bit," said Quicken Loans Vice President Bill Banfield. "Look for the purchase market to tick up in the coming weeks, with buyers taking advantage of increasing inventory as spring approaches as well as low rates, which most believe will only rise over the course of this year.” The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.50 percent from 4.52 percent, with points decreasing to 0.26 from  0.29 (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) decreased to 4.39 percent from 4.41 percent, with points decreasing to 0.19 from 0.20 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.13 percent from 4.18 percent, with points decreasing to 0.18 from 0.21 (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 decreased to 3.52 percent from 3.53 percent, with points decreasing to 0.25 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 5/1 ARMs decreased to 3.09 percent from 3.18 percent, with points increasing to 0.38 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
About the author
Published
Mar 19, 2014
Homebuilders Cheer Delay Of Trump Trade War

Canada and Mexico stave off tariffs on billions of dollars of materials crucial to the U.S. homebuilding industry

Feb 04, 2025
OCMBC President Arrested For DUI, Murder

Serene Vernon (Rosenberg) had three prior convictions, per a police report

Feb 02, 2025
Trump Fires CFPB Director Chopra

Chopra posts a letter to X with his final statements

American Heritage Lending Halts Funding Loans In Maryland

AHL suspended the ability to lock new consumer loans in Maryland, effective immediately

Jan 31, 2025
Katie Sweeney Joins Rocket Pro To Lead Broker Strategy, Advocacy

The former AIME chairwoman and CEO asks the broker community, particularly Rocket Pro’s brokers, to trust her. 

Jan 29, 2025
CoreLogic Chief Economist On Witnessing The Insurance Crisis Firsthand

"I could have lost all my equity,” says Selma Hepp, who lives and works on the frontline of housing's biggest challenge in 2025

Jan 20, 2025