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Government Loan Activity Pushes Up Mortgage Applications
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Government Loan Activity Pushes Up Mortgage 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
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Receive Multiple Offers. Save Money.
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Government Loan Activity Pushes Up Mortgage Applications
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April 20, 2011 (Chris Moore)
mortgage-neonmortgage-image
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April15, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 5.3 percent on a seasonally adjusted basis from last week. The MBA attributes the jump in mortgage applications to an increase in applications in government-backed loans as borrowers sought to take advantage of lower FHA loan fees before the April 18th increase.

On an unadjusted basis, the Index increased 5.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.9 percent.

The seasonally adjusted Purchase Index increased 10.0 percent from one week earlier, driven largely by an increase in government-backed purchase applications. The four week moving average is up 2.5 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 10.9 percent compared with the previous week and was 11.4 percent lower than the same week one year ago.

“Purchase application volume jumped last week largely due to another sharp increase in applications for government loans. Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week.”

The Refinance Index increased 2.7 percent from the previous week. The four week moving average is down 5.7 percent.

The refinance share of mortgage activity decreased to 58.5 percent of total applications from 60.3 last week. This is the lowest refinance share seen since the beginning of May, 2010.

The adjustable-rate mortgage (ARM) share of activity increased to 6.5 percent from 5.9 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.83 percent from 4.98 percent last week, with points increasing to 1.07 from 0.93 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.07 from 4.17 percent last week, with points increasing to 1.02 from 1.22 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA
dailyrosetta (image)

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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.
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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.
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Tips
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Rates

April 20, 2011 (Chris Moore)
mortgage-neonmortgage-image
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April15, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 5.3 percent on a seasonally adjusted basis from last week. The MBA attributes the jump in mortgage applications to an increase in applications in government-backed loans as borrowers sought to take advantage of lower FHA loan fees before the April 18th increase.

On an unadjusted basis, the Index increased 5.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.9 percent.

The seasonally adjusted Purchase Index increased 10.0 percent from one week earlier, driven largely by an increase in government-backed purchase applications. The four week moving average is up 2.5 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 10.9 percent compared with the previous week and was 11.4 percent lower than the same week one year ago.

“Purchase application volume jumped last week largely due to another sharp increase in applications for government loans. Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week.”

The Refinance Index increased 2.7 percent from the previous week. The four week moving average is down 5.7 percent.

The refinance share of mortgage activity decreased to 58.5 percent of total applications from 60.3 last week. This is the lowest refinance share seen since the beginning of May, 2010.

The adjustable-rate mortgage (ARM) share of activity increased to 6.5 percent from 5.9 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.83 percent from 4.98 percent last week, with points increasing to 1.07 from 0.93 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.07 from 4.17 percent last week, with points increasing to 1.02 from 1.22 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA
dailyrosetta (image)

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.

April 20, 2011 (Chris Moore)
mortgage-neonmortgage-image
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April15, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 5.3 percent on a seasonally adjusted basis from last week. The MBA attributes the jump in mortgage applications to an increase in applications in government-backed loans as borrowers sought to take advantage of lower FHA loan fees before the April 18th increase.

On an unadjusted basis, the Index increased 5.9 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.9 percent.

The seasonally adjusted Purchase Index increased 10.0 percent from one week earlier, driven largely by an increase in government-backed purchase applications. The four week moving average is up 2.5 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 10.9 percent compared with the previous week and was 11.4 percent lower than the same week one year ago.

“Purchase application volume jumped last week largely due to another sharp increase in applications for government loans. Borrowers were likely motivated to apply for loans before the scheduled increase in FHA insurance premiums,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “Refinance activity increased somewhat, as rates dropped to their lowest level in a month towards the end of the week.”

The Refinance Index increased 2.7 percent from the previous week. The four week moving average is down 5.7 percent.

The refinance share of mortgage activity decreased to 58.5 percent of total applications from 60.3 last week. This is the lowest refinance share seen since the beginning of May, 2010.

The adjustable-rate mortgage (ARM) share of activity increased to 6.5 percent from 5.9 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.83 percent from 4.98 percent last week, with points increasing to 1.07 from 0.93 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.07 from 4.17 percent last week, with points increasing to 1.02 from 1.22 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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

Sources:
MBA
dailyrosetta (image)

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.