The WPJ
Residential Real Estate News
Mortgage Applications in the U.S. Up Again
Mortgage applications in the U.S. increased last week after the prior week's drop, according to a new report from the Mortgage Bankers Association.
Applications for the week ending January 31 increased 0.4 percent on a seasonally adjusted basis from the previous week.
The refinance index increased three percent from the previous week. The refinance share of mortgage activity remained at 62 percent of all applications, which is the lowest since September 2013.
The seasonally adjusted purchase index decreased four percent from one week earlier, the MBA reports.
More from the report:
- The average contract rate declined for all loan products in the survey. Contract rates were at their lowest level since November 2013, except for the 5/1 ARM, which was at the lowest level since December 2013.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.47 percent from 4.52 percent, with points decreasing to 0.25 from 0.40 (including the origination fee) for 80 percent loan-to-value ratio (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 4.42 percent from 4.47 percent, with points decreasing to 0.11 from 0.27 (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 4.12 percent from 4.18 percent, with points decreasing to 0.15 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 15-year fixed-rate mortgages decreased to 3.53 percent from 3.59 percent, with points increasing to 0.28 from 0.26 (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 3.15 percent from 3.25 percent, with points increasing to 0.41 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
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