Applications for home mortgages held steady for a second consecutive week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 31st, 2014.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 0.4 percent last week after declining by 0.2 percent the previous week.
On an unadjusted basis, mortgage loan application volume increased by 14 percent from the previous week.
Purchase Applications:
The seasonally adjusted Purchase Index declined by four percent after posting a two percent increase the week before. The unadjusted Purchase Index was 14 percent higher than the previous week but was still 17 percent lower than at the same time a year ago.
Applications to purchase homes have been at or lower than the previous year’s levels for the past eighteen weeks.
Refinance Applications:
The Refinance Index increased by three percent from the previous week after posting a two percent decline the week before. The refinance share of mortgage activity remained at 62 percent of total applications.
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) |
4.47 |
4.52 |
0.25 |
0.40 |
Decreased |
| 30-Year FRM Non-Conforming ($417,501 or more) |
4.42 |
4.47 |
0.11 |
0.27 |
Decreased |
| 15-Year FRM |
3.53 |
3.59 |
0.28 |
0.26 |
Decreased |
| FHA 30-Year |
4.12 |
4.18 |
0.15 |
0.33 |
Decreased |
| 5/1 ARM |
3.15 |
3.25 |
0.41 |
0.33 |
Decreased |
The adjustable-rate mortgage (ARM) share of activity increased to about eight 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
