The WPJ
Residential Real Estate News
US Mortgage Applications Maintain Growth
Mortgage applications in the U.S. increased 5.5 percent for the week ended Sept. 20 compared to the week before, according to data released by the Mortgage Bankers Association.
This is the second consecutive week of increases after weeks of fluctuations. The increase in activity coincides with decreasing mortgage rates, which also endured roller coaster variations.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, designated as $417,000 or less, decreased to 4.62 percent from 4.75, according to MBA data.
The market's refinance index increased five percent compared to the previous week. The refinance share of mortgage activity last week remained at 61 percent of all applications.
More from the report:
The government share of purchase applications decreased to 28.4 percent from 29.9 percent, the lowest level since early August and close to the series low of 28.2 percent in June 2013. The HARP share of refinance applications increased to 41 percent from 40 percent the week before, and is the highest since MBA started tracking this measure in early 2012.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.66 percent from 4.83 percent, with points decreasing to 0.29 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.32 percent from 4.50 percent, with points decreasing to 0.37 from 0.41 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.68 percent from 3.81 percent, with points decreasing to 0.28 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.39 percent from 3.54 percent, with points decreasing to 0.35 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 4.66 percent from 4.83 percent, with points decreasing to 0.29 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.32 percent from 4.50 percent, with points decreasing to 0.37 from 0.41 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.68 percent from 3.81 percent, with points decreasing to 0.28 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.39 percent from 3.54 percent, with points decreasing to 0.35 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
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