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Mortgage Applications Increase as Interest Rates Continue Decline
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Mortgage Applications Increase as Interest Rates Continue Decline
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Mortgage Applications Increase as Interest Rates Continue Decline
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May 11, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 6, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a seasonally adjusted basis from last week as both purchase applications and refinance applications increased on the heels of the lowest mortgage rates seen this year.

On an unadjusted basis, the Index increased 8.3 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.9 percent.

The seasonally adjusted Purchase Index increased 6.7 percent from one week earlier. The four week moving average is up 0.4 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 7.1 percent compared with the previous week and was 25.8 percent lower than the same week one year ago.

“Rates dropped again last week as the Federal Reserve continued its QE2 asset purchase program. The 30-year fixed mortgage rate is now 46 basis points below its 2011 peak, and has decreased for four straight weeks by a total of 31 basis points,” said Michael Fratantoni, MBA’s Vice President of Research. “Over this four week span, the refinance index has increased by about 18 percent. Despite the recent increases however, refinance application volumes remain more than 50 percent below levels seen last fall.”

The Refinance Index increased 9.0 percent from the previous week. The four week moving average is up 4.3 percent.

The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.7 percent last week.

The adjustable-rate mortgage (ARM) share of activity decreased to 6.5 percent from 6.7 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.67 percent from 4.76 percent last week, with points decreasing to 1.10 from 0.75 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.81 percent from 3.96 percent last week, with points decreasing to 1.05 from 0.82 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA

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May 11, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 6, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a seasonally adjusted basis from last week as both purchase applications and refinance applications increased on the heels of the lowest mortgage rates seen this year.

On an unadjusted basis, the Index increased 8.3 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.9 percent.

The seasonally adjusted Purchase Index increased 6.7 percent from one week earlier. The four week moving average is up 0.4 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 7.1 percent compared with the previous week and was 25.8 percent lower than the same week one year ago.

“Rates dropped again last week as the Federal Reserve continued its QE2 asset purchase program. The 30-year fixed mortgage rate is now 46 basis points below its 2011 peak, and has decreased for four straight weeks by a total of 31 basis points,” said Michael Fratantoni, MBA’s Vice President of Research. “Over this four week span, the refinance index has increased by about 18 percent. Despite the recent increases however, refinance application volumes remain more than 50 percent below levels seen last fall.”

The Refinance Index increased 9.0 percent from the previous week. The four week moving average is up 4.3 percent.

The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.7 percent last week.

The adjustable-rate mortgage (ARM) share of activity decreased to 6.5 percent from 6.7 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.67 percent from 4.76 percent last week, with points decreasing to 1.10 from 0.75 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.81 percent from 3.96 percent last week, with points decreasing to 1.05 from 0.82 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA

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.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

May 11, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 6, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a seasonally adjusted basis from last week as both purchase applications and refinance applications increased on the heels of the lowest mortgage rates seen this year.

On an unadjusted basis, the Index increased 8.3 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.9 percent.

The seasonally adjusted Purchase Index increased 6.7 percent from one week earlier. The four week moving average is up 0.4 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 7.1 percent compared with the previous week and was 25.8 percent lower than the same week one year ago.

“Rates dropped again last week as the Federal Reserve continued its QE2 asset purchase program. The 30-year fixed mortgage rate is now 46 basis points below its 2011 peak, and has decreased for four straight weeks by a total of 31 basis points,” said Michael Fratantoni, MBA’s Vice President of Research. “Over this four week span, the refinance index has increased by about 18 percent. Despite the recent increases however, refinance application volumes remain more than 50 percent below levels seen last fall.”

The Refinance Index increased 9.0 percent from the previous week. The four week moving average is up 4.3 percent.

The refinance share of mortgage activity increased to 63.1 percent of total applications from 62.7 percent last week.

The adjustable-rate mortgage (ARM) share of activity decreased to 6.5 percent from 6.7 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.67 percent from 4.76 percent last week, with points decreasing to 1.10 from 0.75 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.81 percent from 3.96 percent last week, with points decreasing to 1.05 from 0.82 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
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.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.