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Higher Interest Rates Puts the Brakes on Refinance Applications
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You're Now Reading:
Higher Interest Rates Puts the Brakes on Refinance 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:
Higher Interest Rates Puts the Brakes on Refinance Applications
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March 21, 2012 (Chris Moore)

Mortgage application volume fell again last week as increasing interest rates put the brakes on refinance application activity according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 16, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 7.4 percent from the previous week.

On an unadjusted basis, the Index decreased 7.1 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.79 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 1.0 percent from the previous week. The four week moving average is up 3.25 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 0.6 percent compared with the previous week and was 1.9 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased 9.3 percent from the previous week. The four week moving average for the Index is down 4.31 percent.

The refinance share of mortgage activity decreased to 73.4 percent of total applications from 77.0 percent the previous week.

Jay Brinkmann, MBA’s Senior Vice President of Research and Education, stated, “Some of the largest institutions are reporting that the HARP share of their refinances remained at about 30% last week, but HARP volume is not equal across the country. The states that I started referring to years ago as the sand states that had the worst delinquencies we now should start calling the HARP states for mortgage refinances. We saw big state-level differences in refinance applications for February over January: Florida was up 49%, Arizona was up 61%, and Nevada was up 71%. Refinances in the rest of the country were generally flat or even down. For example, Texas had no change, Colorado was down 3%, Connecticut was up only 2%, and Virginia was up 1%. HARP clearly is a driving force in those states that saw the most defaults and the biggest drops in home equity.”

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.19

4.06

0.47

0.43

Increased

30-Year FRM Non-Conforming
($417,501 or more)

4.49

4.39

0.38

0.39

Increased

15-Year FRM

3.47

3.36

0.40

0.34

Increased

FHA 30-Year

3.93

3.82

0.48

0.55

Increased

5/1 ARM

2.90

2.81

0.44

0.37

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications from 5.8 percent the previous week.

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

Sources:
Mortgage Bankers Association

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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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

March 21, 2012 (Chris Moore)

Mortgage application volume fell again last week as increasing interest rates put the brakes on refinance application activity according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 16, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 7.4 percent from the previous week.

On an unadjusted basis, the Index decreased 7.1 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.79 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 1.0 percent from the previous week. The four week moving average is up 3.25 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 0.6 percent compared with the previous week and was 1.9 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased 9.3 percent from the previous week. The four week moving average for the Index is down 4.31 percent.

The refinance share of mortgage activity decreased to 73.4 percent of total applications from 77.0 percent the previous week.

Jay Brinkmann, MBA’s Senior Vice President of Research and Education, stated, “Some of the largest institutions are reporting that the HARP share of their refinances remained at about 30% last week, but HARP volume is not equal across the country. The states that I started referring to years ago as the sand states that had the worst delinquencies we now should start calling the HARP states for mortgage refinances. We saw big state-level differences in refinance applications for February over January: Florida was up 49%, Arizona was up 61%, and Nevada was up 71%. Refinances in the rest of the country were generally flat or even down. For example, Texas had no change, Colorado was down 3%, Connecticut was up only 2%, and Virginia was up 1%. HARP clearly is a driving force in those states that saw the most defaults and the biggest drops in home equity.”

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.19

4.06

0.47

0.43

Increased

30-Year FRM Non-Conforming
($417,501 or more)

4.49

4.39

0.38

0.39

Increased

15-Year FRM

3.47

3.36

0.40

0.34

Increased

FHA 30-Year

3.93

3.82

0.48

0.55

Increased

5/1 ARM

2.90

2.81

0.44

0.37

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications from 5.8 percent the previous week.

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.

March 21, 2012 (Chris Moore)

Mortgage application volume fell again last week as increasing interest rates put the brakes on refinance application activity according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 16, 2012.

The Market Composite Index, a measure of mortgage loan application volume which includes purchase applications and refinance applications, decreased a seasonally adjusted 7.4 percent from the previous week.

On an unadjusted basis, the Index decreased 7.1 percent from the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.79 percent.

Purchase Applications:

The seasonally adjusted Purchase Index decreased 1.0 percent from the previous week. The four week moving average is up 3.25 percent for the adjusted Purchase Index.

The unadjusted Purchase Index decreased 0.6 percent compared with the previous week and was 1.9 percent lower than the same week a year ago.

Refinance Applications:

The Refinance Index decreased 9.3 percent from the previous week. The four week moving average for the Index is down 4.31 percent.

The refinance share of mortgage activity decreased to 73.4 percent of total applications from 77.0 percent the previous week.

Jay Brinkmann, MBA’s Senior Vice President of Research and Education, stated, “Some of the largest institutions are reporting that the HARP share of their refinances remained at about 30% last week, but HARP volume is not equal across the country. The states that I started referring to years ago as the sand states that had the worst delinquencies we now should start calling the HARP states for mortgage refinances. We saw big state-level differences in refinance applications for February over January: Florida was up 49%, Arizona was up 61%, and Nevada was up 71%. Refinances in the rest of the country were generally flat or even down. For example, Texas had no change, Colorado was down 3%, Connecticut was up only 2%, and Virginia was up 1%. HARP clearly is a driving force in those states that saw the most defaults and the biggest drops in home equity.”

Mortgage Interest Rates:

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.19

4.06

0.47

0.43

Increased

30-Year FRM Non-Conforming
($417,501 or more)

4.49

4.39

0.38

0.39

Increased

15-Year FRM

3.47

3.36

0.40

0.34

Increased

FHA 30-Year

3.93

3.82

0.48

0.55

Increased

5/1 ARM

2.90

2.81

0.44

0.37

Increased

The adjustable-rate mortgage (ARM) share of activity decreased to 5.6 percent of total applications from 5.8 percent the previous week.

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.