MBA: Mortgage Application Volume Down Slightly

Posted by Patrick Barnard on March 11, 2015 No Comments
Categories : Residential Mortgage

Mortgage application volume dipped 1.3% on an adjusted basis during the week ended March 6, compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, volume decreased 1% compared with the previous week.

Applications for refinances decreased 3% while applications for purchases increased 2%.

On an unadjusted basis, applications for purchases increased 3% compared with the previous week and were 2% higher compared to the same week one year ago.

The refinance share of mortgage activity decreased to 60% of total applications from 62% the previous week.

The slowdown in applications for refinances came as mortgage interest rates increased slightly. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.01%, up from 3.96% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.02%, up from 3.95%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.80%, up from 3.76%.

The average rate for a 15-year FRM was 3.29%, up from 3.27%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.18%, up from 3.05%.

The ARM share of activity increased to 5.6% of total applications.

The MBA says the average loan size for purchase applications increased to the highest level in the history of the survey at $294,900.

Looking at volume by loan type, applications for mortgages backed by the FHA represented 14.0% of all applications, down from 14.6% the previous week. Applications for Veterans Affairs mortgages represented 10.8% of all loans, up from 9.8% the previous week. Application volume for mortgages through the U.S. Department of Agriculture remained unchanged at 0.8% of all applications.

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MBA: Mortgage Application Volume Down Slightly

Posted by Patrick Barnard on October 02, 2013 No Comments
Categories : Residential Mortgage

After increasing for two consecutive weeks, mortgage application decreased 0.4%, on a seasonally adjusted basis, during the week ending Sept. 27, compared to the week prior, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, the Index decreased 1% compared with the previous week.

The report's Refinance Index, measuring refinance application volume, increased 3% from the previous week. The Purchase Index decreased 6% from one week earlier, on both a seasonally adjusted and unadjusted basis.

Refinancings represented about 63% of total applications, up from 61% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6% of total applications.

The average interest rate for a 30-year fixed-rate mortgage with a conforming loan balance ($417,000 or less) decreased to 4.49%, down from 4.62% the previous week. The average contract interest rate for a 30-year fixed-rate mortgage with a jumbo loan balance (greater than $417,000) decreased to 4.53% – a drop from the prior week's 4.66%.

The average interest rate for a 30-year fixed-rate mortgage backed by the Federal Housing Administration decreased to 4.21%, down from 4.32% the week prior.

The average interest rate for a 15-year fixed-rate mortgage decreased to 3.55%, down from 3.68% the previous week.

The average contract interest rate for 5/1 ARMs decreased to 3.26% from 3.39%.

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