MBA: Mortgage Application Volume Basically Flat

Posted by Patrick Barnard on December 02, 2015 No Comments
Categories : Residential Mortgage

Mortgage application volume was basically flat during the week ended Nov. 27, dipping just 0.2% on an adjusted basis compared with the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

Without any adjustment for the Thanksgiving holiday, volume decreased 32% compared with the previous week.

Applications for refinances decreased 6% on an adjusted basis, while applications for purchases increased 8%.

On an unadjusted basis, applications for purchases decreased 28% compared with the previous week but were 30% higher compared with the same week one year ago.

The refinance share of mortgage activity decreased to 56.6% of total applications from 58.7% the previous week.

Fixed mortgage rates were also more or less flat for the week. The average rate for a 30-year, fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.12%, down from 4.14% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) remained unchanged at 3.99%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.89%, up from 3.87%.

The average rate for a 15-year FRM was 3.36%, down from 3.39%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.11%, down from 3.19%.

The ARM share of mortgage activity decreased to 6.1% of total applications.

Looking at volume by loan type, the FHA share was 13.2% of all applications – down from 13.7% the week prior. The Veterans Affairs share was 11.3%, up from 11.0% the week prior. The U.S. Department of Agriculture share of total applications remained unchanged at 0.7%.

All rates are based on closings. The survey covers about 75% of the U.S. mortgage market.

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MBA: Mortgage Application Volume Basically Flat

Posted by Patrick Barnard on July 22, 2015 No Comments
Categories : Residential Mortgage

After falling 1.9% the previous week, mortgage application volume was basically flat, rising just 0.1% on an adjusted basis, during the week ended July 17, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, application volume increased 0.4% compared with the previous week.

Applications for refinances decreased 1% while applications for purchases increased 1%.

On an unadjusted basis, applications for purchases increased 1% compared with the previous week and were 18% higher compared to the same week one year ago.

The refinance share of mortgage activity decreased to 50.3% of total applications from 50.8% the previous week.

The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance was 4.23%, unchanged from the previous week.

The average rate for a 30-year FRM with jumbo loan balance was 4.16%, up from 4.20%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 4.00%, down from 4.02%.

The average rate for a 15-year FRM was 3.43%, unchanged from the previous week.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.08%, down from 3.13%.

The ARM share of activity decreased to 7.3% of total applications.

Looking at application volume by loan type, the FHA's share of total applications was 14.0%, up from 13.8% the week prior. The Veterans Affairs' share of total applications was 11.3%, up from 10.8% the week prior. The U.S. Department of Agriculture's share of total applications was 0.9%, unchanged from the week prior.

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