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Mortgage Apps Jump by Nearly Four Percent

NationalMortgageProfessional.com
Oct 08, 2014

Mortgage applications increased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 3, 2014. The Market Composite Index, a measure of mortgage loan application volume, increased 3.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased four percent compared with the previous week. The Refinance Index increased five percent from the previous week. The seasonally adjusted Purchase Index increased two percent from one week earlier to the highest level since early July. The unadjusted Purchase Index increased two percent compared with the previous week and was eight percent lower than the same week one year ago.

The refinance share of mortgage activity remained unchanged at 56 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.8 percent of total applications.

“A drop in interest rates drove the spike in mortgage activity," said Quicken Loans Vice President Bill Banfield. "It’s clear potential buyers and refinancers are paying close attention to the financial markets and where they are pushing rates. The informed consumers will see that rates can push back up at the whim of the 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.30 percent from 4.33 percent, with points decreasing to 0.19 from  0.31 (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 4.21 percent from 4.28 percent, with points increasing to 0.29 from 0.15 (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 4.00 percent from 4.07 percent, with points increasing to 0.15 from 0.04 (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 3.48 percent from 3.55 percent, with points increasing to 0.32 from 0.26 (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 3.20 percent from 3.31 percent, with points decreasing to 0.37 from 0.51 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. 

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