Mortgage Applications Essentially Unchanged From Last Week

Mortgage applications remained at about the same levels as the previous week while mortgage interest rates also showed little movement according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 2nd, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased a modest 0.2 percent last week and follows a 3.7 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume was virtually unchanged from last week after declining by four percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased one percent after posting a three percent decline the week before. The unadjusted Purchase Index was also one percent higher than the previous week and was eight percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was unchanged from the previous week after declining by four percent the week before. Refinance activity continued to remain at two-year lows. The refinance share of mortgage activity remained at 63 percent of total applications for the third consecutive week.

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)

4.61

4.58

0.42

0.38

Increased

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

4.64

4.64

0.34

0.39

Decreased

15-Year FRM

3.66

3.67

0.43

0.40

Decreased

FHA 30-Year

4.33

4.30

0.26

0.31

Increased

5/1 ARM

3.39

3.39

0.37

0.36

Increased

 
The adjustable-rate mortgage (ARM) share of activity remained at around six 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