Welcome!




Expand Your Education with These Courses from
Becoming a Successful Sales Professional: Skills for Sales Success: Part One.
Effective Presentation Skills for Sales Professionals: Skills for Sales Success: Part Five.
ACE: Purchase Reverse Mortgage Course.
At Home with Diversity.
Bundle 3: CIPS Institute (Non-US Version).

Mortgage Applications Increase in Latest MBA Weekly Survey

Have a comment on this article? Share on Facebook!

Mortgage applications increased 10.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 4, 2011.

According to the release, the Market Composite Index, a measure of mortgage loan application volume, increased 10.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9.9 percent compared with the previous week. The Refinance Index increased 12.1 percent from the previous week. The seasonally adjusted Purchase Index increased 4.8 percent from one week earlier to the highest level since August 2011. The unadjusted Purchase Index increased 2.7 percent compared with the previous week and was 2.5 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is down 0.37 percent. The four week moving average is up 0.89 percent for the seasonally adjusted Purchase Index, while this average is down 0.72 percent for the Refinance Index.

“Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year,” says Mike Fratantoni, MBA’s Vice President of Research and Economics. “Refinance applications jumped more than 12 percent to their highest level in a month and some lenders experienced even larger increases. As has been the case all year, many refinance applicants are opting to deleverage by choosing 15-year mortgages.”

Following three consecutive weeks of decline, the refinance share of mortgage activity increased to 78.6 percent of total applications from 77.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged from 5.8 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.22 percent from 4.31 percent, with points decreasing to 0.41 from 0.49 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.57 percent from 4.69 percent, with points increasing to 0.47 from 0.45 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.02 percent from 4.09 percent, with points decreasing to 0.49 from 0.51 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.54 percent from 3.63 percent, with points remaining unchanged from 0.45 (including the origination fee) for 80 percent LTV loans. The effective rate also decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.01 percent from 3.09 percent, with points decreasing to 0.47 from 0.50 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week.

For more information, 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.




Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

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 >>