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U.S. Mortgage Applications Fall

U.S. Mortgage Applications Fall


Mortgage applications in the U.S. dropped last week after increasing one week prior, according to the Mortgage Bankers Association. 

Applications increased 2.1 percent on a seasonally adjusted basis for the week ending March 7. The previous week, mortgage applications increased by 9.4 percent. 

The refinance index decreased 3 percent from the previous week. The refinance share of mortgage activity now accounts for 57 percent of all applications, the lowest level since April 2011, from 58 percent the previous week. 

The seasonally adjusted purchase index decreased 1 percent from one week earlier. 

More from the report:
 
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.52 percent from 4.47 percent, with points increasing to 0.29 from  0.28 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.  The effective rate increased from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.41 percent from 4.37 percent, with points unchanged at 0.20 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.18 percent from 4.13 percent, with points increasing to 0.21 from 0.13 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.
  • The average contract interest rate for 15-year fixed-rate mortgages increased to 3.53 percent from 3.52 percent, with points increasing to 0.28 from 0.18 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 5/1 ARMs increased to 3.18 percent from 3.09 percent, with points decreasing to 0.36 from 0.38 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.

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