Welcome!




Expand Your Education with These Courses from
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Customer Relationship Building: Skills for Sales Success: Part Seven.
A Consumer Advocate Approach to Real Estate: Course 1.
Bundle 1: CIPS Core Course (US Version).
Territory Management: Skills for Sales Success: Part Eight.

Refinance Mortgage Applications Increase Nearly 5 Percent

Have a comment on this article? Share on Facebook!

RefinanceIn happy housing news, mortgage applications increased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 17, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7 percent compared with the previous week. The Refinance Index increased 10 percent from the previous week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 15 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 64 percent of total applications, the highest level in a month, from 62 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.57 percent, the lowest level since November 2013, from 4.66 percent, with points increasing to 0.36 from 0.33 (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 4.57 percent, the lowest level since November 2013, from 4.58 percent, with points decreasing to 0.18 from 0.24 (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 4.24 percent, the lowest level since November 2013, from 4.29 percent, with points increasing to 0.23 from 0.17 (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 3.68 percent, the lowest level since December 2013, from 3.72 percent, with points decreasing to 0.29 from 0.37 (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 3.23 percent, the lowest level since December 2013, from 3.28 percent, with points decreasing to 0.37 from 0.47 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

For more information,visit www.mba.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