Mortgage applications moved lower after the previous week’s brief respite according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 1st, 2013.
The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined 7.0 percent last week and follows a 6.4 percent increase the week before.
On an unadjusted basis, mortgage loan application volume fell by eight percent from the previous week after increasing by six percent the week before.
Purchase Applications:
The seasonally adjusted Purchase Index decreased by five percent after posting a two percent increase the week before. The unadjusted Purchase Index was also seven percent lower than the previous week and was unchanged from the same period last year.
Refinance Applications:
The Refinance Index decreased by eight percent from the previous week after posting a nine percent increase the week before. The refinance share of mortgage activity decreased to 66 percent of total applications from 67 percent the week before.
Mortgage Interest Rates:
Average Contract Mortgages Rates |
|||||
Type of |
Interest Rate (%) |
Points |
Effective Rate |
||
Current |
Previous |
Current |
Previous |
||
30-Year FRM Conforming ($417,500 or less) |
4.32 |
4.33 |
0.42 |
0.26 |
Increased |
30-Year FRM Non-Conforming ($417,501 or more) |
4.37 |
4.36 |
0.26 |
0.27 |
Increased |
15-Year FRM |
3.44 |
3.42 |
0.30 |
0.30 |
Increased |
FHA 30-Year |
4.07 |
4.06 |
0.22 |
0.17 |
Increased |
5/1 ARM |
3.08 |
3.17 |
0.31 |
0.38 |
Decreased |
The adjustable-rate mortgage (ARM) share of activity remained at about seven 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