Expand Your Education with These Courses from
Territory Management: Skills for Sales Success: Part Eight.
Expand your education through NAR's REALTOR® University: A Consumer Advocate Approach to Mortgages: Course 2.
BPOs: The Agent's Role in the Valuation Process.
Bundle 1: CIPS Core Course (US Version).
Bundle 2: CIPS Elective Courses (US Version).

Mortgage Applications Decrease

Have a comment on this article? Share on Facebook!

RISMEDIA, March 7, 2011—Mortgage applications decreased 6.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 25, 2011. The results do not include an adjustment for the President’s Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 6.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.5% compared with the previous week. The Refinance Index decreased 6.5% from the previous week. The seasonally adjusted Purchase Index decreased 6.1% from one week earlier. The unadjusted Purchase Index decreased 3.5% compared with the previous week and was 19.6% lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is down 2.5%. The four week moving average is down 2.2% for the seasonally adjusted Purchase Index, while this average is down 2.7% for the Refinance Index.

The refinance share of mortgage activity decreased to 64.9% of total applications from 65.7% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.5% from 5.6% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.84% from 5.00%, with points increasing to 1.30 from 0.96 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the third consecutive weekly decrease for the 30-year contract rate. The effective rate also decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.17% from 4.28%, with points increasing to 1.07 from 0.80 (including the origination fee) for 80 percent LTV loans. The effective rate also decreased from last week.

For more information, visit www.mortgagebankers.org.

Have a comment on this article? Share on Facebook!

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

Copyright© 2015 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>