Mortgage Applications Drop After Big Jump

Dated: 09/30/2015

Views: 755

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 25+ years in the industry, Mark has gained experience in....

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