Mortgage Applications Decline Again, FHA Refi’s Slow

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Mortgage Applications Decline Again, FHA Refi’s Slow

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

READY TO SPEAK TO A PROFESSIONAL?

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

Mortgage Applications Decline Again, FHA Refi’s Slow

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

Mortgage Applications Decline Again, FHA Refi’s Slow

June 28, 2012 (Chris Moore)

Mortgage applications fell again last week as the pace of FHA refinances slowed considerably from the previous week and a decrease in purchase applications also contributed to the decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 22nd, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 7.1 percent from the previous week.

On an unadjusted basis, the Index decreased by the same amount from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index fell one percent from the previous week, adding to its nine percent decline the week before.

The unadjusted Purchase Index fell another two percent from the previous week after also suffering a nine percent decline the week before and was almost three percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased eight percent from the previous week. The refinance share of mortgage activity fell to 79 percent of total applications from 81 percent the previous week.

The drop in refinance volume was attributed to a decline in applications for government loans which had doubled the prior week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.88	3.87*	0.40	0.49	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	4.12	4.06*	0.35	0.38	Increased
15-Year FRM	3.24	3.25	0.44	0.45	Decreased
FHA 30-Year	3.71	3.72	0.46	0.47	Decreased
5/1 ARM	2.81	2.75*	0.41	0.33	Increased

*Record Survey Low

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

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

Sources:
Mortgage Bankers Association

HOME LOANS CAN
BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT
SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

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June 28, 2012 (Chris Moore)

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 7.1 percent from the previous week.

On an unadjusted basis, the Index decreased by the same amount from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index fell one percent from the previous week, adding to its nine percent decline the week before.

Refinance Applications:

The Refinance Index decreased eight percent from the previous week. The refinance share of mortgage activity fell to 79 percent of total applications from 81 percent the previous week.

The drop in refinance volume was attributed to a decline in applications for government loans which had doubled the prior week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.88	3.87*	0.40	0.49	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	4.12	4.06*	0.35	0.38	Increased
15-Year FRM	3.24	3.25	0.44	0.45	Decreased
FHA 30-Year	3.71	3.72	0.46	0.47	Decreased
5/1 ARM	2.81	2.75*	0.41	0.33	Increased

*Record Survey Low

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

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

Sources:
Mortgage Bankers Association

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

June 28, 2012 (Chris Moore)

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, fell a seasonally adjusted 7.1 percent from the previous week.

On an unadjusted basis, the Index decreased by the same amount from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index fell one percent from the previous week, adding to its nine percent decline the week before.

Refinance Applications:

The Refinance Index decreased eight percent from the previous week. The refinance share of mortgage activity fell to 79 percent of total applications from 81 percent the previous week.

The drop in refinance volume was attributed to a decline in applications for government loans which had doubled the prior week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.88	3.87*	0.40	0.49	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	4.12	4.06*	0.35	0.38	Increased
15-Year FRM	3.24	3.25	0.44	0.45	Decreased
FHA 30-Year	3.71	3.72	0.46	0.47	Decreased
5/1 ARM	2.81	2.75*	0.41	0.33	Increased

*Record Survey Low

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

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

Sources:
Mortgage Bankers Association

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS