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Weekly Mortgage Apps Decline 1.2 Percent

NationalMortgageProfessional.com
May 28, 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 May 23, 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 two percent compared with the previous week. The Refinance Index decreased one percent from the previous week. The seasonally adjusted Purchase Index decreased one percent from one week earlier. The unadjusted Purchase Index decreased two percent compared with the previous week and was 15 percent lower than the same week one year ago. The refinance share of mortgage activity remained unchanged at 52 percent of total applications from 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) decreased to 4.31 percent, the lowest level since June 2013, from 4.33 percent, with points decreasing to 0.15 from  0.20 (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 4.23 percent, the lowest level since June 2013, from 4.24 percent, with points increasing to 0.16 from 0.09 (including the origination fee) for 80 percent LTVs. The effective rate increased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.04 percent, the lowest level since June 2013, from 4.06 percent, with points decreasing to -0.45 from -0.39 (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 decreased to 3.42 percent, the lowest level since October 2013, from 3.43 percent, with points decreasing to 0.06 from 0.15 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week. The average contract interest rate for 5/1 ARMs decreased to 3.13 percent from 3.14 percent, with points decreasing to 0.19 from 0.29 (including the origination fee) for 80 percent LTVs. The effective rate decreased from last week.
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