Increase in Mortgage Applications

Based on the information from Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, there was an increase in the mortgage application by 0.2 percent last week.

The Market Composite Index, which is a gauge of the number of mortgage loan applications, was up by 0.2 percent to its peak level since June 8 this year on a seasonally adjusted basis. Similarly, it was up by 0.2 percent from last week on an unadjusted basis.

The Refinance Index was up by 0.8 percent from last week to its peak level since April 17 of this year. However, the slight increase in refinancing was only subdued by a 6 percent decrease in government refinance applications, although conventional refinance activity was up nearly 2 percent.

The Purchase Index decrease almost 2 percent on a seasonally adjusted basis from the previous week. In the same way, the unadjusted Purchase Index decreased from the previous week.

There was an increase in the refinance share of mortgage activity to 81 percent of all the applications from one week earlier to its peak level since January 20 of this year. In contrast, there was a drop in the adjustable-rate mortgage share of activity to 4.1 percent of all the applications from one week earlier.

For a 30-year fixed rate mortgage with conforming balances, the average contract interest rate was up from 3.74 percent to 3.75 percent, along with points increasing from 0.43 to 0.51 for 80 percent loan-to-value (LTV) ratio.

For a 30-year fixed rate mortgage with jumbo loan balances, the average contract interest rate was up from 3.99 percent to 4.01 percent, along with points increasing from 0.28 to 0.32 for 80 percent LTV loans.

For a 30-year fixed rate mortgage backed by FHA, the average contract interest rate was still the same at 3.52 percent from one week earlier, along with points increasing from 0.52 to 0.55 for 80 percent LTV loans.

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Filed under: mortgage • mortgage loans • mortgage loans for people with bad credit • Mortgage Refinance

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