Skip to main content

Mortgage Apps Dip 1.6 Percent Week-Over-Week

NationalMortgageProfessional.com
Apr 09, 2014

Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 4, 2014. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 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 five percent from the previous week and is at its lowest level since the end of 2013. The seasonally adjusted Purchase Index increased three percent from one week earlier. The unadjusted Purchase Index also increased three percent compared with the previous week and was 14 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 51 percent of total applications from 53 percent the previous week and is at its lowest level since July 2009. The adjustable-rate mortgage (ARM) share of activity remained unchanged at eight percent of total applications. “Despite a drop in overall applications from the week before, purchase activity is still climbing as rates remain low and spring selling season is starting to ramp up," said Quicken Loans Vice President Bill Banfield. "With home values back at healthy levels, look for inventory to increase in the coming weeks, which will continue to drive this trend of rising purchase activity.” The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained constant at 4.56 percent, with points increasing to 0.33 from 0.31 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate was unchanged from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.49 percent from 4.46 percent, with points decreasing to 0.14 from 0.27 (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 decreased to 4.19 percent from 4.21 percent, with points increasing to 0.16 from 0.15 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages remained constant at 3.62 percent, with points increasing to 0.31 from 0.23 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week. The average contract interest rate for 5/1 ARMs increased to 3.26 percent from 3.25 percent, with points increasing to 0.5 from 0.38 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week.
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021