February 29, 2012 (Chris Moore)
Mortgage applications fell slightly last week with applications for home purchases increasing while refinance applications dipped according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 24, 2012.
The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 0.3 percent from the previous week. Results this week include an adjustment for the President’s Day holiday.
On an unadjusted basis, the Index fell 9.4 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.33 percent.
Purchase Applications:
The seasonally adjusted Purchase Index increased 8.2 percent from the previous week. The four week moving average is down 0.96 percent for the adjusted Purchase Index.
The unadjusted Purchase Index increased 0.9 percent compared with the previous week and was 4.3 percent lower than the same week a year ago.
Refinance Applications:
The Refinance Index decreased 2.2 percent from the previous week. The four week moving average for the Index is up 0.64 percent.
The refinance share of mortgage activity decreased to 77.9 percent of total applications from 80.1 percent the previous week.
Mortgage Interest Rates:
Average Contract Mortgages Rates |
|||||
Type of |
Interest Rate (%) |
Points |
Effective Rate |
||
Current |
Previous |
Current |
Previous |
||
30-Year FRM Conforming ($417,500 or less) |
4.07 |
4.09 |
0.51 |
0.53 |
Decreased |
30-Year FRM Non-Conforming ($417,501 or more) |
4.34 |
4.32 |
0.40 |
0.44 |
Increased |
15-Year FRM |
3.36 |
3.38 |
0.36 |
0.37 |
Decreased |
FHA 30-Year |
3.86* |
3.87 |
0.80 |
0.41 |
Increased |
5/1 ARM |
2.78* |
2.94 |
0.38 |
0.44 |
Decreased |
*Survey record low
The adjustable-rate mortgage (ARM) share of activity decreased to 5.0 percent of total applications from 5.3 percent the previous week.
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate
Sources:
Mortgage Bankers Association