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Drop in Mortgage Apps Opens 2014 Holiday Season

NationalMortgageProfessional.com
Nov 26, 2014
Mortgage_App_Blue_11_26_14

Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 21, 2014. The previous week’s results had included an adjustment for the Veterans Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased five percent compared with the previous week.  The Refinance Index decreased four percent from the previous week. The seasonally adjusted Purchase Index decreased five percent from one week earlier. The unadjusted Purchase Index increased one percent compared with the previous week and was 10 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 63 percent of total applications from 61 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to seven percent of total applications. The FHA share of total applications decreased to 9.4 percent this week from 9.9 percent last week. The VA share of total applications decreased to 10.3 percent this week from 11.5 percent last week.  The USDA share of total applications remained unchanged at 0.8 percent this week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.15 percent from 4.18 percent, with points increasing to 0.25 from  0.24 (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) remained unchanged at 4.10 percent, with points increasing to 0.25 from 0.16 (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 increased to 3.90 percent from 3.85 percent, with points decreasing to 0.13 from 0.18 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.35 percent from 3.38 percent, with points decreasing to 0.25 from 0.27 (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 3.06 percent from 3.09 percent, with points increasing to 0.41 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.

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