Mortgage Applications Drop After Big Jump

Dated: September 30 2015

Views: 799

Mortgage applications decreased 6.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sep. 25, 2015.


This follows a big increase last week.




The Market Composite Index, a measure of mortgage loan application volume, decreased 6.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7% compared with the previous week.


The Refinance Index decreased 8% from the previous week. The seasonally adjusted Purchase Index decreased 6% from one week earlier. The unadjusted Purchase Index decreased 6% compared with the previous week and was 20% higher than the same week one year ago.


The refinance share of mortgage activity decreased to 58.0% of total applications from 58.4% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 6.9% of total applications.


The Federal Housing Administration share of total applications increased to 13.8% from 12.9% the week prior. The Veteran’s Affairs share of total applications increased to 10.3% from 10.0% the week prior. TheDepartment of Agriculture share of total applications remained unchanged from 0.7% the week prior.


The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.08% from 4.09%, with points remaining unchanged from 0.45 (including the origination fee) for 80% loan-to-value ratio 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 3.96% from 3.99%, with points decreasing to 0.35 from 0.36 (including the origination fee) for 80% 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 3.87% from 3.88%, with points increasing to 0.34 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.


The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.29% from 3.31%, with points decreasing to 0.41 from 0.42 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.


The average contract interest rate for 5/1 ARMs remained unchanged at 2.95%, with points decreasing to 0.41 from 0.58 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.


Source

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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

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