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Record Low Mortgage Rates Sparks Refinancing Surge
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You're Now Reading:
Record Low Mortgage Rates Sparks Refinancing Surge
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Record Low Mortgage Rates Sparks Refinancing Surge
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May 17, 2012 (Chris Moore)

Mortgage application volume picked up last week as record low fixed rate mortgage rates sparked a surge in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 11th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 9.2 percent from the previous week.

On an unadjusted basis, the Index increased 8.7 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 1.77 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “A flare up of the sovereign debt troubles in Europe once again led investors to flee to the safety of US Treasury securities last week. As a result, mortgage rates have reached new lows in our survey, and refinancing application volumes picked up substantially as a result. Survey participants indicated that this was not due primarily to HARP volume – the HARP share of refinances fell to 28 percent of refinance applications, down relative to last week and last month, when the share was just above 30 percent in April. The increase in refinance activity last week was concentrated in the conventional sector, which was up around 14 percent for the week, while government refinance applications were up only 4 percent.”

Purchase Applications:

The seasonally adjusted Purchase Index decreased 2.4 percent from the previous week. The four week moving average is up 1.57 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 2.4 percent compared with the previous week and was 1.0 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 13.0 percent from the previous week. The four week moving average for the Refinance Index is up 1.88 percent.

The refinance share of mortgage activity increased to 74.9 percent of total applications from 72.1 percent the previous 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)

3.96*

4.01

0.37

0.41

Decreased

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

4.20*

4.29

0.36

0.36

Decreased

15-Year FRM

3.26*

3.29

0.41

0.32

Decreased

FHA 30-Year

3.75*

3.81

0.66

0.55

Increased

5/1 ARM

2.80

2.83

0.37

0.36

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 5.7 percent the previous week.

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

Sources:
Mortgage Bankers Association

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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

May 17, 2012 (Chris Moore)

Mortgage application volume picked up last week as record low fixed rate mortgage rates sparked a surge in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 11th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 9.2 percent from the previous week.

On an unadjusted basis, the Index increased 8.7 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 1.77 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “A flare up of the sovereign debt troubles in Europe once again led investors to flee to the safety of US Treasury securities last week. As a result, mortgage rates have reached new lows in our survey, and refinancing application volumes picked up substantially as a result. Survey participants indicated that this was not due primarily to HARP volume – the HARP share of refinances fell to 28 percent of refinance applications, down relative to last week and last month, when the share was just above 30 percent in April. The increase in refinance activity last week was concentrated in the conventional sector, which was up around 14 percent for the week, while government refinance applications were up only 4 percent.”

Purchase Applications:

The seasonally adjusted Purchase Index decreased 2.4 percent from the previous week. The four week moving average is up 1.57 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 2.4 percent compared with the previous week and was 1.0 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 13.0 percent from the previous week. The four week moving average for the Refinance Index is up 1.88 percent.

The refinance share of mortgage activity increased to 74.9 percent of total applications from 72.1 percent the previous 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)

3.96*

4.01

0.37

0.41

Decreased

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

4.20*

4.29

0.36

0.36

Decreased

15-Year FRM

3.26*

3.29

0.41

0.32

Decreased

FHA 30-Year

3.75*

3.81

0.66

0.55

Increased

5/1 ARM

2.80

2.83

0.37

0.36

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 5.7 percent the previous week.

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

Sources:
Mortgage Bankers Association

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.

May 17, 2012 (Chris Moore)

Mortgage application volume picked up last week as record low fixed rate mortgage rates sparked a surge in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 11th, 2012.

The Market Composite Index, a measure of mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 9.2 percent from the previous week.

On an unadjusted basis, the Index increased 8.7 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is up 1.77 percent.

Michael Fratantoni, MBA’s Vice President of Research and Economics, stated, “A flare up of the sovereign debt troubles in Europe once again led investors to flee to the safety of US Treasury securities last week. As a result, mortgage rates have reached new lows in our survey, and refinancing application volumes picked up substantially as a result. Survey participants indicated that this was not due primarily to HARP volume – the HARP share of refinances fell to 28 percent of refinance applications, down relative to last week and last month, when the share was just above 30 percent in April. The increase in refinance activity last week was concentrated in the conventional sector, which was up around 14 percent for the week, while government refinance applications were up only 4 percent.”

Purchase Applications:

The seasonally adjusted Purchase Index decreased 2.4 percent from the previous week. The four week moving average is up 1.57 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 2.4 percent compared with the previous week and was 1.0 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index increased 13.0 percent from the previous week. The four week moving average for the Refinance Index is up 1.88 percent.

The refinance share of mortgage activity increased to 74.9 percent of total applications from 72.1 percent the previous 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)

3.96*

4.01

0.37

0.41

Decreased

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

4.20*

4.29

0.36

0.36

Decreased

15-Year FRM

3.26*

3.29

0.41

0.32

Decreased

FHA 30-Year

3.75*

3.81

0.66

0.55

Increased

5/1 ARM

2.80

2.83

0.37

0.36

Decreased

*Record Survey Low

The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 5.7 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 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.