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Mortgage Applications Tumble
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Receive Multiple Offers. Save Money.
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Mortgage applications for home purchases remained flat for another week while applications to refinance an existing mortgage plummeted according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21st, 2014.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, tumbled a seasonally adjusted 8.5 percent last week after declining by 4.1 percent the previous week.

On an unadjusted basis, mortgage loan application volume decreased by seven percent from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index declined by four percent after posting a six percent decrease the week before and is at its lowest level since 1995. The unadjusted Purchase Index was 0.1 percent higher than the previous week but was still 15 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 twenty-one weeks.

“Purchase applications were little changed on an unadjusted basis last week, but this is the time of a year we would expect a significant pickup in purchase activity, and we are not yet seeing it,” said Mike Fratantoni, MBA’s Chief Economist.

Refinance Applications:

The Refinance Index declined by 11 percent from the previous week after posting a three percent decline the week before. The refinance share of mortgage activity fell to 58 percent of total applications from 61 percent the week before.

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)

4.53

4.50

0.31

0.26

Increased

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

4.47

4.45

0.13

0.11

Increased

15-Year FRM

3.56

3.55

0.28

0.33

Increased

FHA 30-Year

4.17

4.16

0.20

0.14

Increased

5/1 ARM

3.17

3.20

0.31

0.38

Decreased

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

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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
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LOANRATEUPDATE
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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.
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Home Buying
Tips
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Tips
About
Mortgages
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Calculator
Mortgage
Rates

Mortgage applications for home purchases remained flat for another week while applications to refinance an existing mortgage plummeted according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21st, 2014.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, tumbled a seasonally adjusted 8.5 percent last week after declining by 4.1 percent the previous week.

On an unadjusted basis, mortgage loan application volume decreased by seven percent from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index declined by four percent after posting a six percent decrease the week before and is at its lowest level since 1995. The unadjusted Purchase Index was 0.1 percent higher than the previous week but was still 15 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 twenty-one weeks.

“Purchase applications were little changed on an unadjusted basis last week, but this is the time of a year we would expect a significant pickup in purchase activity, and we are not yet seeing it,” said Mike Fratantoni, MBA’s Chief Economist.

Refinance Applications:

The Refinance Index declined by 11 percent from the previous week after posting a three percent decline the week before. The refinance share of mortgage activity fell to 58 percent of total applications from 61 percent the week before.

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)

4.53

4.50

0.31

0.26

Increased

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

4.47

4.45

0.13

0.11

Increased

15-Year FRM

3.56

3.55

0.28

0.33

Increased

FHA 30-Year

4.17

4.16

0.20

0.14

Increased

5/1 ARM

3.17

3.20

0.31

0.38

Decreased

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

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.

Mortgage applications for home purchases remained flat for another week while applications to refinance an existing mortgage plummeted according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 21st, 2014.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, tumbled a seasonally adjusted 8.5 percent last week after declining by 4.1 percent the previous week.

On an unadjusted basis, mortgage loan application volume decreased by seven percent from the previous week.

Purchase Applications:

The seasonally adjusted Purchase Index declined by four percent after posting a six percent decrease the week before and is at its lowest level since 1995. The unadjusted Purchase Index was 0.1 percent higher than the previous week but was still 15 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 twenty-one weeks.

“Purchase applications were little changed on an unadjusted basis last week, but this is the time of a year we would expect a significant pickup in purchase activity, and we are not yet seeing it,” said Mike Fratantoni, MBA’s Chief Economist.

Refinance Applications:

The Refinance Index declined by 11 percent from the previous week after posting a three percent decline the week before. The refinance share of mortgage activity fell to 58 percent of total applications from 61 percent the week before.

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)

4.53

4.50

0.31

0.26

Increased

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

4.47

4.45

0.13

0.11

Increased

15-Year FRM

3.56

3.55

0.28

0.33

Increased

FHA 30-Year

4.17

4.16

0.20

0.14

Increased

5/1 ARM

3.17

3.20

0.31

0.38

Decreased

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

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.