Welcome!




Expand Your Education with These Courses from
Time Management: Skills for Sales Success: Part Two.
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Negotiating Skills: Skills for Sales Success: Part Six.
Territory Management: Skills for Sales Success: Part Eight.
Expand your education through NAR's REALTOR® University: A Consumer Advocate Approach to Mortgages: Course 2.

Latest MBA Weekly Survey Shows Increase in Mortgage Applications, Driven by Refinances

Have a comment on this article? Share on Facebook!

RISMEDIA, May 5, 2011—Mortgage applications increased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 29, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 4.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 4.1 percent compared with the previous week. The Refinance Index increased 6.0 percent from the previous week. The seasonally adjusted Purchase Index increased 0.3 percent from one week earlier. The unadjusted Purchase Index increased 1.1 percent compared with the previous week and was 36.9 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is down 0.9 percent. The four week moving average is down 2.4 percent for the seasonally adjusted Purchase Index, while this average remained unchanged for the Refinance Index.

The refinance share of mortgage activity increased to 62.7 percent of total applications from 61.6 percent the previous week. This is the highest refinance share of the month. The adjustable-rate mortgage (ARM) share of activity increased to 6.7 percent from 6.5 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased for the third consecutive week to 4.76 percent from 4.80 percent, with points decreasing to 0.76 from 1.00 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the lowest 30-year fixed contract rate since December 3, 2010. The effective rate also decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.96 percent from 4.03 percent, with points decreasing to 0.82 from 0.96 (including the origination fee) for 80 percent LTV loans. This is the lowest 15-year fixed contract rate since November 26, 2010. The effective rate also decreased from last week.

For more information please visit www.mortgagebankers.org.

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© 2014 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 >>