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Falling Interest Rates Leads to Surge in Refi Applications
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You're Now Reading:
Falling Interest Rates Leads to Surge in Refi Applications
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Falling Interest Rates Leads to Surge in Refi Applications
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August 11, 2011 (Chris Moore)

The lowest mortgage rates of 2011 have lead to a surge in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 5, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 21.7 percent powered by a 30.4 percent increase in refinance activity.

On an unadjusted basis, the Index increased 20.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 9.7 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 0.9 percent from one week earlier. The four week moving average remained unchanged for the seasonally adjusted Purchase Index.

The unadjusted Purchase Index decreased 1.2 percent compared with the previous week, and is 4.9 percent higher than the same week one year ago.

Refinance Activity:

The Refinance Index increased 30.4 percent from the previous week. The four week moving average is up 13.7 percent.

The refinance share of mortgage activity increased to 75.6 percent of total applications from 70.1 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.37 percent from 4.45 percent last week, with points increasing to 1.07 from 0.78 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

15-year fixed-rate mortgage (FRM): The average contract interest rate was unchanged at 3.52 percent from last week, with points decreasing to 0.96 from 1.02 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

ARMs:

The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent from 6.6 percent the previous week.

This week’s data indicates that home purchases continue to remain stagnate while current homeowners who can still refinance are taking advantage of the current low mortgage interest rates.

“Amid substantial market turmoil last week, mortgage rates dropped to their lowest levels of the year, and refinance applications jumped more than 30 percent to their highest levels of the year,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Over the past month, refinance application volume has increased by 63 percent. Refinance applications for jumbo loans increased by almost 75 percent relative to last week. Despite these low mortgage rates, applications for home purchase have remained little changed through the summer.”

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate

Sources:
Mortgage Bankers Association

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Rates

August 11, 2011 (Chris Moore)

The lowest mortgage rates of 2011 have lead to a surge in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 5, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 21.7 percent powered by a 30.4 percent increase in refinance activity.

On an unadjusted basis, the Index increased 20.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 9.7 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 0.9 percent from one week earlier. The four week moving average remained unchanged for the seasonally adjusted Purchase Index.

The unadjusted Purchase Index decreased 1.2 percent compared with the previous week, and is 4.9 percent higher than the same week one year ago.

Refinance Activity:

The Refinance Index increased 30.4 percent from the previous week. The four week moving average is up 13.7 percent.

The refinance share of mortgage activity increased to 75.6 percent of total applications from 70.1 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.37 percent from 4.45 percent last week, with points increasing to 1.07 from 0.78 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

15-year fixed-rate mortgage (FRM): The average contract interest rate was unchanged at 3.52 percent from last week, with points decreasing to 0.96 from 1.02 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

ARMs:

The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent from 6.6 percent the previous week.

This week’s data indicates that home purchases continue to remain stagnate while current homeowners who can still refinance are taking advantage of the current low mortgage interest rates.

“Amid substantial market turmoil last week, mortgage rates dropped to their lowest levels of the year, and refinance applications jumped more than 30 percent to their highest levels of the year,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Over the past month, refinance application volume has increased by 63 percent. Refinance applications for jumbo loans increased by almost 75 percent relative to last week. Despite these low mortgage rates, applications for home purchase have remained little changed through the summer.”

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate

Sources:
Mortgage Bankers Association

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 11, 2011 (Chris Moore)

The lowest mortgage rates of 2011 have lead to a surge in refinance applications according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 5, 2011. The Market Composite Index, a measure of mortgage loan application volume increased 21.7 percent powered by a 30.4 percent increase in refinance activity.

On an unadjusted basis, the Index increased 20.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 9.7 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 0.9 percent from one week earlier. The four week moving average remained unchanged for the seasonally adjusted Purchase Index.

The unadjusted Purchase Index decreased 1.2 percent compared with the previous week, and is 4.9 percent higher than the same week one year ago.

Refinance Activity:

The Refinance Index increased 30.4 percent from the previous week. The four week moving average is up 13.7 percent.

The refinance share of mortgage activity increased to 75.6 percent of total applications from 70.1 percent last week.

Mortgage Interest Rates:

30-year fixed-rate mortgage (FRM): The average contract interest rate decreased to 4.37 percent from 4.45 percent last week, with points increasing to 1.07 from 0.78 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

15-year fixed-rate mortgage (FRM): The average contract interest rate was unchanged at 3.52 percent from last week, with points decreasing to 0.96 from 1.02 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

ARMs:

The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent from 6.6 percent the previous week.

This week’s data indicates that home purchases continue to remain stagnate while current homeowners who can still refinance are taking advantage of the current low mortgage interest rates.

“Amid substantial market turmoil last week, mortgage rates dropped to their lowest levels of the year, and refinance applications jumped more than 30 percent to their highest levels of the year,” said Mike Fratantoni, MBA’s Vice President of Research and Economics. “Over the past month, refinance application volume has increased by 63 percent. Refinance applications for jumbo loans increased by almost 75 percent relative to last week. Despite these low mortgage rates, applications for home purchase have remained little changed through the summer.”

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate

Sources:
Mortgage Bankers Association

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.