RISMEDIA, March 21, 2011—Mortgage applications decreased 0.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 11, 2011.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.5% compared with the previous week. The Refinance Index increased 0.9% from the previous week and is the highest Refinance Index recorded in the survey since December 2010. The seasonally adjusted Purchase Index decreased 4.0% from one week earlier. The unadjusted Purchase Index decreased 3.2% compared with the previous week and was 15.5% lower than the same week one year ago.
The four week moving average for the seasonally adjusted Market Index is up 4.9%. The four week moving average is up 1.6% for the seasonally adjusted Purchase Index, while this average is up 6.6% for the Refinance Index.
The refinance share of mortgage activity increased to 66.4% of total applications from 65.5% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.6% from 6.0% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.79% from 4.93%, with points increasing to 1.07 from 0.87 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the lowest contract 30-year rate observed in the survey since the week ending January 14, 2011. The effective rate also decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.03% from 4.17%, with points decreasing to 0.85 from 1.15 (including the origination fee) for 80 percent LTV loans. This is the lowest contract 15-year interest rate observed in the survey since the week ending December 3, 2010. The effective rate also decreased from last week.
For more information, visit www.mortgagebankers.org.
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