Mortgage Application Volume Lower Again

Applications for home mortgages continued to decline last week as applications for home purchases lagged behind last year’s levels for the sixth time in seven weeks according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 8th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined 1.8 percent last week and follows a 7.0 percent decline the week before.

On an unadjusted basis, mortgage loan application volume fell by three percent from the previous week after falling by eight percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index decreased by one percent after posting a five percent decline the week before. The unadjusted Purchase Index was three percent lower than the previous week and was six percent lower than at the same time a year ago.

Refinance Applications:

The Refinance Index decreased by two percent from the previous week after posting an eight percent decrease the week before. The refinance share of mortgage activity remained at 66 percent of total applications.

Mortgage Interest Rates:
 

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.44

4.32

0.44

0.42

Increased

30-Year FRM Non-Conforming
($417,501 or more)

4.48

4.37

0.34

0.26

Increased

15-Year FRM

3.52

3.44

0.27

0.30

Increased

FHA 30-Year

4.16

4.07

0.32

0.22

Increased

5/1 ARM

3.11

3.08

0.27

0.31

Increased

 
The adjustable-rate mortgage (ARM) share of activity remained at about seven percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate, FHA mortgage rates

Source:
Mortgage Bankers Association

Reported by Chris Moore