You're Now Reading:
Mortgage Applications Increase as Interest Rates Slide Downward
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Mortgage Applications Increase as Interest Rates Slide Downward
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
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Mortgage Applications Increase as Interest Rates Slide Downward
Mortgage Calculator
Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

August 3, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 29, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 7.1 percent but overall activity remains weak compared to historic standards and refinance activity is still 30 percent below last year’s levels.

On an unadjusted basis, the Index increased 7.0 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.8 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 5.1 percent from one week earlier. The four week moving average is down 0.4 percent for the seasonally adjusted Purchase Index.

The unadjusted Purchase Index increased 5.2 percent compared with the previous week, and is 5.9 percent higher than the same week one year ago.

Refinance Activity:

The Refinance Index increased 7.8 percent from the previous week. The four week moving average is up 4.2 percent. Refinance activity is still almost 30 percent below last year’s level.

The refinance share of mortgage activity increased to 70.1 percent of total applications from 69.6 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.45 percent from 4.57 percent last week, with points decreasing to 0.78 from 1.14 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week. Thirty year rates are at their lowest since the beginning of November 2010.

15-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 3.52 percent from 3.67 percent last week, with points decreasing to 1.02 from 1.08 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. Fifteen year rates are at the lowest levels since the survey began in 1990.

ARMs:

The adjustable-rate mortgage (ARM) share of activity increased to 6.6 percent from 6.1 percent the previous week.

“Treasury rates plummeted more than 20 basis points last week as all eyes were focused on the debt ceiling negotiations in Washington, and economic data depicted much slower than anticipated economic growth,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Mortgage rates fell, with the rate on 15-year mortgages reaching a new low in our survey. Refinance application volume increased, but even though 30-year mortgage rates are back below 4.5 percent, the refinance index is still almost 30 percent below last year’s level. Factors such as negative equity and a weak job market continue to constrain borrowers. Purchase activity increased off of a low base, returning to levels of one month ago, but remains weak by historical standards.”

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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

August 3, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 29, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 7.1 percent but overall activity remains weak compared to historic standards and refinance activity is still 30 percent below last year’s levels.

On an unadjusted basis, the Index increased 7.0 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.8 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 5.1 percent from one week earlier. The four week moving average is down 0.4 percent for the seasonally adjusted Purchase Index.

The unadjusted Purchase Index increased 5.2 percent compared with the previous week, and is 5.9 percent higher than the same week one year ago.

Refinance Activity:

The Refinance Index increased 7.8 percent from the previous week. The four week moving average is up 4.2 percent. Refinance activity is still almost 30 percent below last year’s level.

The refinance share of mortgage activity increased to 70.1 percent of total applications from 69.6 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.45 percent from 4.57 percent last week, with points decreasing to 0.78 from 1.14 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week. Thirty year rates are at their lowest since the beginning of November 2010.

15-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 3.52 percent from 3.67 percent last week, with points decreasing to 1.02 from 1.08 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. Fifteen year rates are at the lowest levels since the survey began in 1990.

ARMs:

The adjustable-rate mortgage (ARM) share of activity increased to 6.6 percent from 6.1 percent the previous week.

“Treasury rates plummeted more than 20 basis points last week as all eyes were focused on the debt ceiling negotiations in Washington, and economic data depicted much slower than anticipated economic growth,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Mortgage rates fell, with the rate on 15-year mortgages reaching a new low in our survey. Refinance application volume increased, but even though 30-year mortgage rates are back below 4.5 percent, the refinance index is still almost 30 percent below last year’s level. Factors such as negative equity and a weak job market continue to constrain borrowers. Purchase activity increased off of a low base, returning to levels of one month ago, but remains weak by historical standards.”

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.

August 3, 2011 (Chris Moore)

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 29, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 7.1 percent but overall activity remains weak compared to historic standards and refinance activity is still 30 percent below last year’s levels.

On an unadjusted basis, the Index increased 7.0 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.8 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 5.1 percent from one week earlier. The four week moving average is down 0.4 percent for the seasonally adjusted Purchase Index.

The unadjusted Purchase Index increased 5.2 percent compared with the previous week, and is 5.9 percent higher than the same week one year ago.

Refinance Activity:

The Refinance Index increased 7.8 percent from the previous week. The four week moving average is up 4.2 percent. Refinance activity is still almost 30 percent below last year’s level.

The refinance share of mortgage activity increased to 70.1 percent of total applications from 69.6 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.45 percent from 4.57 percent last week, with points decreasing to 0.78 from 1.14 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week. Thirty year rates are at their lowest since the beginning of November 2010.

15-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 3.52 percent from 3.67 percent last week, with points decreasing to 1.02 from 1.08 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. Fifteen year rates are at the lowest levels since the survey began in 1990.

ARMs:

The adjustable-rate mortgage (ARM) share of activity increased to 6.6 percent from 6.1 percent the previous week.

“Treasury rates plummeted more than 20 basis points last week as all eyes were focused on the debt ceiling negotiations in Washington, and economic data depicted much slower than anticipated economic growth,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Mortgage rates fell, with the rate on 15-year mortgages reaching a new low in our survey. Refinance application volume increased, but even though 30-year mortgage rates are back below 4.5 percent, the refinance index is still almost 30 percent below last year’s level. Factors such as negative equity and a weak job market continue to constrain borrowers. Purchase activity increased off of a low base, returning to levels of one month ago, but remains weak by historical standards.”

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.