Mortgage Applications Tumble as Refi Demand Dries Up

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Mortgage Applications Tumble as Refi Demand Dries Up

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

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.

READY TO SPEAK TO A PROFESSIONAL?

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Mortgage Applications Tumble as Refi Demand Dries Up

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

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.

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

Mortgage Applications Tumble as Refi Demand Dries Up

August 31, 2011 (Chris Moore)

Applications for mortgage loans tumbled again last week as refinancing demand sagged for the second consecutive week and mortgage applications for home purchases remained near 15-year lows according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 26, 2011.

The Market Composite Index, a measure of mortgage loan application volume, which includes purchase applications and refinance applications, decreased a seasonally adjusted 9.6 percent from the previous week.

On an unadjusted basis, the Index decreased 10.0 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.5 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 0.9 percent from one week earlier, but remains near 15-year lows. The four week moving average is down 3.8 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 1.3 percent from the previous week, and is 8.2 percent lower than the same week one year ago.

Refinance Activity:

The Refinance Index tumbled 12.2 percent from the previous week. The four week moving average for the Refinance Index is up 4.2 percent.

The refinance share of mortgage activity decreased to 77.8 percent of total applications from 79.8 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.32 percent from 4.39 percent last week, with points increasing to 1.30 from 0.88 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. However, the effective rate increased from last week due to a hefty increase in the average points paid.

15-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 3.49 percent from 3.56 percent last week, with points unchanged from last week at 1.00 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

ARMs:

The adjustable-rate mortgage (ARM) share of activity increased to 7.1 percent from 6.2 percent the previous week.

“Accounting for the increase in average points paid, effective mortgage rates were little changed last week. Refinance application volume declined for a second week from recent highs, despite rates staying near a 10-month low, while purchase volume remained near 15-year lows,” said Mike Fratantoni, MBA’s Vice President of Research and Economics.

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

Sources:
Mortgage Bankers Association

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August 31, 2011 (Chris Moore)

On an unadjusted basis, the Index decreased 10.0 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.5 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 0.9 percent from one week earlier, but remains near 15-year lows. The four week moving average is down 3.8 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 1.3 percent from the previous week, and is 8.2 percent lower than the same week one year ago.

Refinance Activity:

The Refinance Index tumbled 12.2 percent from the previous week. The four week moving average for the Refinance Index is up 4.2 percent.

The refinance share of mortgage activity decreased to 77.8 percent of total applications from 79.8 percent last week.

Mortgage Interest Rates:

ARMs:

The adjustable-rate mortgage (ARM) share of activity increased to 7.1 percent from 6.2 percent the previous week.

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

Sources:
Mortgage Bankers Association

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 31, 2011 (Chris Moore)

On an unadjusted basis, the Index decreased 10.0 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 2.5 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 0.9 percent from one week earlier, but remains near 15-year lows. The four week moving average is down 3.8 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 1.3 percent from the previous week, and is 8.2 percent lower than the same week one year ago.

Refinance Activity:

The Refinance Index tumbled 12.2 percent from the previous week. The four week moving average for the Refinance Index is up 4.2 percent.

The refinance share of mortgage activity decreased to 77.8 percent of total applications from 79.8 percent last week.

Mortgage Interest Rates:

ARMs:

The adjustable-rate mortgage (ARM) share of activity increased to 7.1 percent from 6.2 percent the previous week.

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

Sources:
Mortgage Bankers Association

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS