MBA: Average Mortgage Size Now At Highest In Survey History

Posted by Patrick Barnard on April 23, 2014 No Comments
Categories : Residential Mortgage

Mortgage application volume decreased 3.3% during the week ending April 18, compared to the previous week, on an adjusted basis, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, volume fell 3% compared with the previous week. The week included the Good Friday holiday.

Refinance volume dropped 4%, while purchase volume declined 3%. On an unadjusted basis, purchase volume was down 2% compared with the previous week and was down 18% compared to the same time a year ago.

The refinance share of mortgage activity decreased to 51% of total applications from 52% the previous week.

The MBA notes that the average loan size for purchase applications has reached its highest level in the history of the survey at $280,500, coinciding with the trend in rising purchase activity for larger loan amounts.

Interest rates crept up slightly last week. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.49%, up from 4.47%.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.41%, up from 4.39%.

The average rate for a 30-year FRM backed by the Federal Housing Administration increased to 4.20% from 4.14%.

The average rate for a 15-year FRM increased to 3.55% from 3.54%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) increased to 3.16% from 3.15%.

All rates are based on closings.

The ARM share of mortgage activity increased to 9%.

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