Mortgage Refinance Applications Jump in Response to New Low Rates

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Mortgage Refinance Applications Jump in Response to New Low Rates

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 Refinance Applications Jump in Response to New Low Rates

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

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Mortgage Refinance Applications Jump in Response to New Low Rates

July 19, 2012 (Chris Moore)

Mortgage applications increased last week as another round of new record low rates finally spurred a jump in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 13th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 16.9 percent from the previous week and follows a 2.1 percent decline last week.

On an unadjusted basis, the Index increased by 46 percent from the previous week due to the Fourth of July holiday the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell 0.01 percent from the previous week, after increasing about three percent the week before.

The unadjusted Purchase Index increased by just over 25 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index increased 22 percent from the previous week. The refinance share of mortgage activity increased to 80.1 percent of total applications from 77 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.74*	3.79	0.45	0.36	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	3.98*	4.05	0.32	0.34	Decreased
15-Year FRM	3.12*	3.15	0.48	0.43	Decreased
FHA 30-Year	3.55*	3.63	0.44	0.36	Decreased
5/1 ARM	2.71*	2.71*	0.51	0.36	Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at just above four percent of total applications.

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

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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
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CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

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July 19, 2012 (Chris Moore)

On an unadjusted basis, the Index increased by 46 percent from the previous week due to the Fourth of July holiday the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell 0.01 percent from the previous week, after increasing about three percent the week before.

The unadjusted Purchase Index increased by just over 25 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index increased 22 percent from the previous week. The refinance share of mortgage activity increased to 80.1 percent of total applications from 77 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.74*	3.79	0.45	0.36	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	3.98*	4.05	0.32	0.34	Decreased
15-Year FRM	3.12*	3.15	0.48	0.43	Decreased
FHA 30-Year	3.55*	3.63	0.44	0.36	Decreased
5/1 ARM	2.71*	2.71*	0.51	0.36	Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at just above four percent of total applications.

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

July 19, 2012 (Chris Moore)

On an unadjusted basis, the Index increased by 46 percent from the previous week due to the Fourth of July holiday the week before.

Purchase Applications:

The seasonally adjusted Purchase Index fell 0.01 percent from the previous week, after increasing about three percent the week before.

The unadjusted Purchase Index increased by just over 25 percent compared to the previous week, also due to the Fourth of July holiday, and was three percent lower than the same week one year ago.

Refinance Applications:

The Refinance Index increased 22 percent from the previous week. The refinance share of mortgage activity increased to 80.1 percent of total applications from 77 percent the previous week.

Mortgage Interest Rates:

Average Contract Mortgages Rates (80% loan-to-value)
Type of Loan	Interest Rate (%)		Points		Effective Rate
Type of Loan	Current	Previous	Current	Previous	Effective Rate
30-Year FRM Conforming ($417,500 or less)	3.74*	3.79	0.45	0.36	Decreased
30-Year FRM Non-Conforming ($417,501 or more)	3.98*	4.05	0.32	0.34	Decreased
15-Year FRM	3.12*	3.15	0.48	0.43	Decreased
FHA 30-Year	3.55*	3.63	0.44	0.36	Decreased
5/1 ARM	2.71*	2.71*	0.51	0.36	Increased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity remained at just above four percent of total applications.

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