Rates Rising as Mortgage Apps Decline – NMP Skip to main content

Rates Rising as Mortgage Apps Decline

NationalMortgageProfessional.com
Jun 05, 2015

Mortgage applications decreased 7.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 29, 2015. This week’s results include an adjustment to account for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 7.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 17 percent compared with the previous week. The Refinance Index decreased 12 percent from the previous week. The seasonally adjusted Purchase Index decreased three percent from one week earlier. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was 14 percent higher than the same week one year ago.

The refinance share of mortgage activity decreased to 49 percent of total applications, its lowest level since May 2014, from 51 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent of total applications.

The FHA share of total applications increased to 14.9 percent from 14.5 percent the week prior. The VA share of total applications increased to 12.0 percent from 11.7 percent the week prior. The USDA share of total applications increased to one percent from 0.8 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.02 percent from 4.07 percent, with points decreasing to 0.33 from 0.35 (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 4.01 percent from 4.06 percent, with points increasing to 0.30 from 0.29 (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 3.77 percent from 3.83 percent, with points increasing to 0.21 from 0.16 (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 3.27 percent from 3.29 percent, with points increasing to 0.33 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 2.97 percent from 3.04 percent, with points increasing to 0.50 from 0.48 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

Published
Jun 05, 2015
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022
BSI Financial Hires Execs To Drive HR, Investor Reporting

Sean McGowan will lead HR, training and company culture; Shannon Clay to head investor reporting, reconciliations, and cash management initiatives.

Industry News
May 16, 2022
Home Point First Quarter Earnings Down Significantly

Net income down more than 90% from a year ago.

Industry News
May 13, 2022
New FHA Head Approved After Lengthy Delay

Vice president breaks tie vote for Julia Gordon nomination confirmation.

Industry News
May 12, 2022
Rocket CEO Predicts A Recession

He's seeing consumer spending decline through their TrueBill system

Industry News
May 12, 2022