Mortgage Applications Increase for a Second Week

The steady rise in mortgage applications continued for a second week as both purchase and refinance activity increased according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 12th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 4.8 percent and follows a 4.5 percent increase from the previous week.

On an unadjusted basis, mortgage loan application volume increased by five percent after increasing by the same amount the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by four percent from last week after falling by the one percent the week before. The unadjusted Purchase Index was five percent higher than the previous week and was 20 percent higher than during the same period last year.

Refinance Applications:

The Refinance Index climbed five percent from last week after increasing by six percent the week before. The refinance share of mortgage activity remained unchanged from the previous week 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)

3.67

3.68

0.50

0.43

Increased

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

3.77

3.79

0.27

0.36

Decreased

15-Year FRM

2.91

2.92

0.34

0.34

Decreased

FHA 30-Year

3.37

3.43

0.55

0.52

Decreased

5/1 ARM

2.57

2.58

0.29

0.37

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