MBA: Mortgage Application Volume Fell Again

Posted by Patrick Barnard on March 18, 2015 No Comments
Categories : Residential Mortgage

Mortgage application volume continued to decline during the week ended March 13, dropping 3.9% compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

As of last week, mortgage application volume had fallen for five of the previous six weeks.

On an unadjusted basis, volume decreased 4% compared with the previous week.

Applications for refinances fell 5% while applications for purchases fell 2%.

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

The refinance share of mortgage activity decreased to 59% of total applications, down from 60% the previous week.

The drop in volume came even as mortgage interest rates began to decline again. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 3.99%, down from 4.01% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 3.94%, down from 4.02%.

The average rate for a 30-FRM backed by the Federal Housing Administration (FHA) was 3.74%, down from 3.80%.

The average rate for a 15-year FRM was 3.28%, down slightly from 3.29%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.99%, down from 3.18%.

The ARM share of activity decreased to 5.5% of total applications.

Looking at volume by loan type, applications for mortgages backed by the FHA represented 14.3% of all applications, down from 14.0% the previous week. Applications for Veterans Affairs mortgages represented 10.3% of all loans, down from 10.8% the previous week. Application volume for mortgages through the U.S. Department of Agriculture increased to 0.9% of all applications, up from 0.8%.

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MBA: Mortgage Application Volume Fell Again

Posted by Patrick Barnard on February 25, 2015 No Comments
Categories : Residential Mortgage

After dropping a significant 13.2% the previous week, mortgage application volume fell 3.5% on an adjusted basis during the week ended Feb. 20, compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

The results include an adjustment to account for the Presidents' Day holiday.

On an unadjusted basis, volume fell 12% compared with the previous week.

Applications were refinances were down 8%, however, applications for purchases were up around 5% compared to the previous week.

On an unadjusted basis, purchases were down 2% compared with the previous week and were down 2% compared to the same week one year ago.

The refinance share of mortgage activity was about 62% of all applications, down from 66% the previous week.

The overall drop in volume came as interest rates continued to decline. For the week ended Feb. 20, the average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 3.99%, up from 3.93% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.09%, up from 3.92%.

The average rate for a 30-year FRM backed by the Federal Housing Administration was 3.82%, up from 3.73%.

The average rate for a 15-year FRM was 3.28%, up from 3.24%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.28%, up from 3.09%.

The ARM share of activity decreased to 5.2% of total applications.

Looking at volume by loan type, applications for mortgages backed by the FHA represented 15.3% of all applications, up from 15.2% the previous week. Applications for Veterans Affairs mortgages represented 9.6% of all loans, up from 8.0% the previous week. Applications for mortgages through the U.S. Department of Agriculture remained unchanged at 0.9% of all applications.

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