The WPJ
Residential Real Estate News
What's Happening with U.S. Mortgage Applications?
Mortgage applications in the U.S. seem to be on a rollercoaster ride. Last week the number of applications increased after dropping the previous week.
This week, applications dropped again, by 2.0 percent from one week earlier, according to the Mortgage Bankers Association.
The refinance index decreased 0.2 percent from the previous week. The refinance share of mortgage activity remained at 62 percent of the total number of applications from the previous week.
The adjustable-rate mortgage share of activity increased to eight percent of all applications.
The seasonally adjusted purchase index dropped five percent from one week prior.
More from the report:
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.45 percent from 4.47 percent, with points increasing to 0.34 from 0.25 (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) decreased to 4.40 percent from 4.42 percent, with points increasing to 0.14 from 0.11 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
- The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.13 percent from 4.12 percent, with points decreasing to 0.10 from 0.15 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
- The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.49 percent from 3.53 percent, with points decreasing to 0.25 from 0.28 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
- The average contract interest rate for 5/1 ARMs decreased to 3.11 percent from 3.15 percent, with points decreasing to 0.31 from 0.41 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
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