Mortgage Rates Stable But Applications Continue to Fall

Mortgage interest rates showed little movement over the last week but mortgage applications during that time continued to fall according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 15th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 7.1 percent and follows a 4.7 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume fell seven percent after falling by four percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell by four percent from last week after declining by three percent the week before, while the unadjusted Purchase Index was three percent lower than the previous week. The unadjusted Purchase Index was still six percent higher than during the same period last year.

Refinance Applications:

The Refinance Index declined eight percent from last week after decreasing by five percent the week before. The refinance share of mortgage activity fell from 76 percent of total applications the previous week to 75 percent last week.

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)

3.82

3.81

0.38

0.39

Increased

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

3.95

3.90

0.36

0.46

Increased

15-Year FRM

3.02

3.01

0.36

0.42

Decreased

FHA 30-Year

3.53

3.53

0.31

0.38

Decreased

5/1 ARM

2.59

2.62

0.40

0.33

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