Mortgage Applications End Two Week Slide

Mortgage applications increased for the first time in three weeks with both purchase applications and refinance applications posting gains over the previous week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 22nd, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 7.7 percent and follows a 7.1 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume climbed eight percent after falling by seven percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by seven percent from last week after declining by four percent the week before, while the unadjusted Purchase Index was seven percent higher than the previous week. The unadjusted Purchase Index was ten percent higher than during the same period last year.

Refinance Applications:

The Refinance Index climbed eight percent from last week after falling by the same amount the week before. The refinance share of mortgage activity remained at 75 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)

3.79

3.82

0.44

0.38

Decreased

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

3.90

3.95

0.42

0.36

Decreased

15-Year FRM

3.02

3.02

0.42

0.36

Increased

FHA 30-Year

3.51

3.53

0.43

0.31

Increased

5/1 ARM

2.58

2.59

0.32

0.40

Decreased

The adjustable-rate mortgage (ARM) share of activity remained at about five 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