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Refinance Apps Fall for Third Consecutive Week Despite Record 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?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Refinance Apps Fall for Third Consecutive Week Despite Record 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
Pick the service you desire below
Refinance Apps Fall for Third Consecutive Week Despite Record Low Rates

September 7, 2011 (Chris Moore)

Mortgage loan applications continued to tumble last week despite a new survey record low of 3.41 percent for a 15-year fixed rate mortgage as purchase applications remained flat and refinance applications declined for the third consecutive week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 2, 2011.

The Market Composite Index, a measure of mortgage loan application volume, which includes purchase applications and refinance applications, decreased a seasonally adjusted 4.9 percent from the previous week.

On an unadjusted basis, the Index decreased 5.3 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 3.2 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 0.2 percent from one week earlier but remains at extremely low levels not seen since 1996. The four week moving average is down 3.7 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 2.1 percent compared with the previous week, and is 13.5 percent lower than the same week one year ago.

Refinance Activity:

The Refinance Index fell another 6.3 percent after a 12.2 percent tumble the previous week. The four week moving average is down 3.1 percent. Despite interest rates being at near record levels, refinance applications are 35 percent below the levels seen a year ago.

The refinance share of mortgage activity decreased to 77.1 percent of total applications from 77.8 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.23 percent from 4.32 percent last week, with points decreasing to 1.04 from 1.29 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week. The 30-year FRM was at its second lowest level in survey history.

15-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 3.41 percent from 3.49 percent last week, with points decreasing to 0.94 from 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 remained unchanged from the previous week at 7.1 percent of total applications.

“Heading into the Labor Day weekend, the 30-year rate was at its second lowest level in the history of our survey (the low point was reached last October), and the 15-year rate marked a new low in our survey,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Despite these rates however, refinance application volume fell for the third straight week, and is more than 35 percent below levels at this time last year. Purchase application volume remains relatively flat at extremely low levels, close to lows last seen in 1996.”

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

Sources:
Mortgage Bankers Association

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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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

September 7, 2011 (Chris Moore)

Mortgage loan applications continued to tumble last week despite a new survey record low of 3.41 percent for a 15-year fixed rate mortgage as purchase applications remained flat and refinance applications declined for the third consecutive week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 2, 2011.

The Market Composite Index, a measure of mortgage loan application volume, which includes purchase applications and refinance applications, decreased a seasonally adjusted 4.9 percent from the previous week.

On an unadjusted basis, the Index decreased 5.3 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 3.2 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 0.2 percent from one week earlier but remains at extremely low levels not seen since 1996. The four week moving average is down 3.7 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 2.1 percent compared with the previous week, and is 13.5 percent lower than the same week one year ago.

Refinance Activity:

The Refinance Index fell another 6.3 percent after a 12.2 percent tumble the previous week. The four week moving average is down 3.1 percent. Despite interest rates being at near record levels, refinance applications are 35 percent below the levels seen a year ago.

The refinance share of mortgage activity decreased to 77.1 percent of total applications from 77.8 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.23 percent from 4.32 percent last week, with points decreasing to 1.04 from 1.29 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week. The 30-year FRM was at its second lowest level in survey history.

15-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 3.41 percent from 3.49 percent last week, with points decreasing to 0.94 from 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 remained unchanged from the previous week at 7.1 percent of total applications.

“Heading into the Labor Day weekend, the 30-year rate was at its second lowest level in the history of our survey (the low point was reached last October), and the 15-year rate marked a new low in our survey,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Despite these rates however, refinance application volume fell for the third straight week, and is more than 35 percent below levels at this time last year. Purchase application volume remains relatively flat at extremely low levels, close to lows last seen in 1996.”

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

Sources:
Mortgage Bankers Association

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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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

September 7, 2011 (Chris Moore)

Mortgage loan applications continued to tumble last week despite a new survey record low of 3.41 percent for a 15-year fixed rate mortgage as purchase applications remained flat and refinance applications declined for the third consecutive week according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 2, 2011.

The Market Composite Index, a measure of mortgage loan application volume, which includes purchase applications and refinance applications, decreased a seasonally adjusted 4.9 percent from the previous week.

On an unadjusted basis, the Index decreased 5.3 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 3.2 percent.

Purchase Applications:

The seasonally adjusted Purchase Index increased 0.2 percent from one week earlier but remains at extremely low levels not seen since 1996. The four week moving average is down 3.7 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 2.1 percent compared with the previous week, and is 13.5 percent lower than the same week one year ago.

Refinance Activity:

The Refinance Index fell another 6.3 percent after a 12.2 percent tumble the previous week. The four week moving average is down 3.1 percent. Despite interest rates being at near record levels, refinance applications are 35 percent below the levels seen a year ago.

The refinance share of mortgage activity decreased to 77.1 percent of total applications from 77.8 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.23 percent from 4.32 percent last week, with points decreasing to 1.04 from 1.29 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week. The 30-year FRM was at its second lowest level in survey history.

15-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 3.41 percent from 3.49 percent last week, with points decreasing to 0.94 from 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 remained unchanged from the previous week at 7.1 percent of total applications.

“Heading into the Labor Day weekend, the 30-year rate was at its second lowest level in the history of our survey (the low point was reached last October), and the 15-year rate marked a new low in our survey,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Despite these rates however, refinance application volume fell for the third straight week, and is more than 35 percent below levels at this time last year. Purchase application volume remains relatively flat at extremely low levels, close to lows last seen in 1996.”

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

Sources:
Mortgage Bankers Association

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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